Union approves HSBC workers’ deal in vote

Members of the Malta Union of Banking Employees have voted to agree to a finalised package that has broken the impasse on a collective agreement with HSBC Malta.

In their last meeting, HSBC Malta chief executive officer Andrew Beane cited bad performance overall as the main reason behind the bank declaring its final position on negotiations, especially that relating to the financial package.

“He was clear that it is the bank’s final position,” the MUBE told employees of the salary increases proposed.

The bank agreed to reduce employees’ home loan rates to 0.9% for 2016, and offer additional allowances, reduced subsidy on maxicredit loans, and a further €200,000 accrual to the pension pot.

“The current impasse has been ongoing for way too long whilst the CEO confirmed that this is the bank’s final position. A vote needs to be taken by members on whether to accept the proposals or alternatively consider resorting to other remedies,” the union said on Thursday before clinching members’ approval.

The MUBE met Beane officially three times with the aim of exchanging views on the current scenario. Last week, the two sides ironed out differences of interpretation on breaches of the collective agreement.