Republic refers negotiations to McLeod
Following 20 meetings with the Banking, Insurance and General Workers Union (BIGWU), for a new collective agreement for monthly paid staff of Republic Bank Ltd, and after what it said was extensive consideration of the union's position, the bank has taken the decision to refer the status of the negotiations to Minister of Labour Errol McLeod.
"The bank has, over the course of the negotiations, adjusted its position on certain items with a view to embracing the expectations of the union and arriving at a settlement bilaterally. In spite of this approach, and agreement being reached on a number of articles, the bank and the union are still at variance on several cost and non cost items, including salary increases," Republic said in a statement yesterday. "The bank's latest offer was made after careful examination of current compensation levels, not only within the financial services sector, but against the backdrop of the current tempered economic climate, in order to ensure long-term sustainability."
The bank said it was confident that, with the ministry's intervention, the parties will find favour in a mutually satisfactory settlement within the shortest possible timeframe.