Standard Chartered Bank Philippines and Standard Chartered Bank Employees’ Union (SCBEU) component union of NUBE-IFO had negotiated and entered a historic collective agreement during the lockdown situations in Manila.
Locked down was no barrier to the warm relations between the union and management negotiating the agreement in good faith to extend the benefits to the employees, improving terms and of conditions employment during unprecedented circumstances says, Rainier Cruz, President of SCBEU- NUBE. Bank’s HR team took genuine efforts to engage and communicate with the union officials online, overcoming the social distancing challenges as the traditional one to one meeting was not possible.
Speedy conclusion of the Collective Bargaining Negotiations is a result of the excellent relationship evolved, between the Union and SCB Philippines Management, led by Ms Lynette Ortiz – CEO and Ms Frida Torres – HR Head, said SCBEU-NUBE President Rainier Cruz.
Significant outcomes of the agreement are as follows, and they are outstanding benefits available for employees in the banking industry in the Philippines:
- A salary increases of 29% for the next three years, highest in the Philippine Banking Industry
- A minimum of 20 and a maximum of 25 days’ vacation leave, aside from the unlimited sick leave entitlement for employees
- Five months paid maternity leave for female employees
Group Hospitalization, Life and Accident Insurance cover, Dental Subsidy, Night Shift Allowance, Labor Day Allowances, and Training Assistance were revised substantially.
As a token of goodwill, the Bank granted each member a bonus of One and one-half (1 & 1/2) months basic salary, Php25,000.00, and cash equivalent of one (1) day Vacation Leave.