Bank of Valletta and the Malta Union of Bank Employees announced today that they have concluded negotiations on the collective agreement for 2011-2013.
"This agreement bears testimony to a sense of maturity and responsibility, with both sides working towards ensuring the long term sustainable growth of Bank of Valletta in the best interest of all stakeholders," said Tonio Depasquale, Chief Executive Officer at Bank of Valletta as he exchanged the signed collective agreement with William Portelli, President of the MUBE.
Mr Portelli said that the agreement was an improvement on existing conditions with specific focus on performance and work-life balance evidenced by the introduction of a new performance management system and enhanced family friendly measures.
Mr Depasquale said that, apart from 'substantial' salary increases over the three year period, this agreement introduces bonuses for employees that are linked to both the bank's financial results as well as the employee's individual performance. In this manner, this collective agreement continues to evolve the mechanisms that promote meritocracy and that link rewards with performance.