Republic Bank Ltd workers protested yesterday after talks between the bank and the union, Banking, Insurance and General Workers Union (BIGWU) for the bargaining period July 2017-May 2020, “stalled”.
The workers and the company are at loggerheads as the bank has tabled six per cent wage increase, while the union has tabled 19 per cent for the same period.
In the face of the protest action, the bank stated: “Independent reviews of compensation packages, within the banking and financial services industry in Trinidad and Tobago, all confirm that Republic Bank’s salaries and benefits are among the best in the country.”
BIGWU’s Labour Relations Officer Jason Brown said, in a telephone interview yesterday, there are several issues which have culminated over time that pertain to the current negotiations. For instance, he said “over 500 workers were affected last year when the bank took away the mall allowance, and the union had to fight to get it back. The bank, without any consultation with the union, changed the hours of work (of employees who work at the malls) and took away the allowance.”
He added that there are issues of job evaluation which are before the court, there are issues where the bank has not paid workers for three days and it is also before the court.
Brown said there was an occasion during the last negotiations where workers were ill and could not report for duty.
“There is an issue where the bank has adopted a performance appraisal system which is a bit oppressive to workers. That performance appraisal system is something that allows them to get a percentage increase in their salary.”
In response to the scheduled protest action, RBL yesterday defended its compensation package offered to employees saying that the packages are based on job roles, and the salaries are paid commensurate with the industry standard, taking into consideration the prevailing economic climate.
In a statement yesterday, the bank said, “independent reviews of compensation packages, within the banking and financial services industry in T&T, all confirm that RBL’s salaries and benefits are among the best in the country.”
The bank said it was currently in negotiations with the union for a new collective agreement related to its clerical staff.
The bank said it noted, with concern, “incorrect and misleading statements made in the media by representatives of the union over the last week.”
“Compensation packages are determined based on job roles and the salaries paid within the specific industry, and grouping for comparative jobs.
Consideration of the prevailing and projected economic climate is also relevant in determining wage proposals.
Republic Bank adopts this approach,” the bank said.
“Additionally, in recognition of the valuable contribution made by all employees of Republic Bank to its annual performance, its staff share in the profits generated each year by the Group, through its profit sharing plan.
The plan offers employees a combination of Republic Bank shares and cash, every year. As an investment, their Republic Bank shares generate annual dividends and capital appreciation, depending on the performance of the Bank. This is a benefit that is not offered to employees in the majority of other companies in Trinidad and Tobago.
Republic Bank also provides its employees with performance-based incentives that are above industry norms,” the statement said.
