9.5 per cent wage increase for Republic Bank employees
THE Banking, Insurance and General Workers Union (Bigwu) announced in a media release that after 26 months of negotiations, it was able to secure a 9.5 per cent increase in wages for its members in Republic Bank, over a five-year period.
The release indicated salaries will increase by .5 per cent in the first year, one per cent in the second, 2.5 per cent in the third and fourth years, and three per cent in the fifth.
Subsistence allowances will increase from $52 in the first year to $68 in the fifth.
Displacement and travelling allowances will increase from $3.40/$3.65 in the first year, to $3.55/$3.75 in year five. Cola will go up from $300 to $375.
“This framework for settlement of salaries has been agreed in principle and we are attempting to close off on the remaining items to achieve a full collective agreement soon,” Bigwu said in the release.
“To this end, a series of outreach meetings will be conducted over the next few weeks to connect directly with you (bank emloyees) to exchange ideas and feedback on the final settlement.”
Bigwu thanked its shop steward team who served as mediators between the negotiation team and members.
Over the past 26 months, Bigwu said, your negotiating team has been struggling on your behalf for better terms and conditions of employment.
"Our shop stewards, your branch leaders have been with us every step of this journey and have guided the following settlement based on the feedback and support of the members in their respective branches."
"9.5 per cent wage increase for Republic Bank employees"