Republic Bank Ltd (RBL) is rejecting as “incorrect and misleading” recent statements by Banking Insurance and General Workers Union (BIGWU) representatives about negotiations for a new collective agreement for the bank’s clerical staff that are currently underway. Several of the bank’s staff members were engaged in protests outside select branches yesterday.
The bank said, “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.”
Pointing out that it adopts this approach, RBL added, “Independent reviews of compensation packages, within the banking and financial services industry in TT, all confirm that (our) salaries and benefits are among the best in the country.”
The bank reminded that in recognition of their “valuable contribution” to its annual performance, staff are members of its profit-sharing plan, which offers employees a combination of RBL shares and cash every year.
“As an investment, their RBL 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 TT.”
Other employee benefits include performance-based incentives “that are above industry norms...reward and recognition programmes and online learning facilities aimed at acknowledging employees’ contributions and supporting their career ambitions.”
RBL said, however, that while it does not negotiate terms and conditions of work directly with staff, it remains committed to their best long-term interests.