Republic Bank knocks Union over 'misleading statements' on negotiation
Republic Bank has defended its compensation packages and benefits paid out to its staff.
This, as the Bank is seeking to set the record straight on what it has described as “incorrect and misleading statements” made by representatives of the Banking Insurance and General Workers Union (BIGWU) over the past week.
The Bank is currently in negotiations with the Union.
Regarding compensation packages, the Bank said these 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 – an approach the Bank adopts.
The Bank boasted that independent reviews of its compensation packages, within the local banking and financial services industry all confirm that its salaries and benefits are among the best in the country.
In recognition of the contribution made by its employees to the Bank’s annual performance, the Bank said its staff share in the profits generated each year by the Group, through its profit sharing plan.
The plan offers employees a combination of Republic Bank shares and cash annually.
“As an investment, their Republic Bank 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 Trinidad and Tobago,” the Bank added.
Republic Bank also provides its employees with performance-based incentives that are above industry norms, it continued.
As it relates to compensation for overtime worked, the Bank said that employees who are required to work outside of their normal working hours are paid for the overtime worked at rates already in place, which it said is standard practice.
The Bank said it also provides opportunities for staff development and furtherance of their careers, including, in some cases, inclusion in assignments related to the Group’s overseas subsidiaries. Involvement in such assignments benefits the staff and organisation tremendously, from a learning, development and business exposure point of view, and these are actively sought after by many employees, it stated.
Republic Bank believes that an engaged staff body will provide a higher quality of service to our customers and an enhanced quality of life for themselves.
This engagement includes a readily available executive and management body to all staff, to share and explain strategy so that staff can better understand their roles and the direction of the Bank, and provide feedback as owners, customers and employees. These interactions assist in the development of productive working relationships among the staff body.
Republic Bank said it continues to provide benefits to its employees, over and above those that are negotiated with the Union. These include reward and recognition programmes and online learning facilities aimed at acknowledging employees’ contributions and supporting their career ambitions.
Health and wellness programmes, including a well-equipped sporting facility and gym, support the enhancement of their quality of life.
The Bank said, however, that it does not negotiate terms and conditions of work directly with staff and remains committed to the best long-term interests of our staff.
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