A Special Citation Awards presented to the Coalition of Filipino American Chambers of Commerce by the Office of the President of the Philippines through the Commission on Filipinos Overseas. —CONTRIBUTED PHOTO
Century-old China Banking Corp. has inked a new five-year collective bargaining agreement (CBA) covering over 3,900 employees.
The agreement, the lender’s 27th CBA in its 102-year-old history, was signed between China Bank and the China Banking Corp. Employees Association (CBCEA) last Dec. 7 after two and a half months of negotiations.
The latest package includes economic and non-economic provisions to protect covered employees’ health, safety, rights and livelihood.
“The smooth negotiation and mutually satisfactory agreements show China Bank’s harmonious employee-employer relationship and more importantly, how management values and takes care of our people,” China Bank president William Whang said in a statement.
This is also the first time that the lender had a straight five-year CBA with its employee union.
Previously, the CBA was for three years, then both panels renegotiate for the next two-year period.
‘Win-win’
In the statement, China Bank human resources group head Roskie Testa, lead negotiator of the management panel, described the new CBA as a “win-win” for the parties.
“We worked together in pursuit of the interest of both parties. I believe this new CBA would help us grow more in collaboration and cooperation as we face the challenges and opportunities ahead,” she said.
The new CBA will have a retroactive effect beginning Aug. 1, 2022 and will be implemented until July 31, 2027. It provides a competitive package of salary increases, improvements in benefits and a signing bonus.
“We thank management for their fairness, understanding and genuine concern for employees’ well-being. The union is committed to support the bank and its stakeholders,” CBCEA chair Neil de Venecia said. INQ