China Bank, union in P511-M CBA

Sy family-led China Banking Corp. has struck a P511-million collective bargaining agreement (CBA) with its labor union, paving the way for improved compensation and benefits to employees over the next two years.

Based on the deal between China Bank and China Banking Corporation Employees Association (CBCEA), the 2015-2017 CBA provides for the following: Salary increases; improvements in insurance coverage; medicine and tellers’ allowances; rice and HMO (health medical organization) subsidies for dependents; bereavement and union leave benefits; a contract signing bonus and special one-time bonus for regular rank and file employees nationwide.

In a statement, China Bank said the latest CBA package—the 24th in the bank’s 95-year history—had been unanimously ratified by union members on Nov. 28.

Outside of the package, management also granted a special bonus to China Bank staff who had been accepted as regular employees between Aug. 2 and Dec. 1, 2015.

Also approved were upgraded CBA benefits for employees upon regularization.

Both the management and union representatives had worked “cooperatively” during the two-month negotiations to address the needs and concerns of management and employees, the bank said.

Founded in 1920, China Bank is the country’s first privately owned local commercial bank. Doris Dumlao-Abadilla