Bank, union sign collective agreement

Bank of Valletta and the Malta Union of Bank Employees yesterday signed a new collective agreement covering all employees in the clerical and managerial grades.

The 2008-2010 agreement has all the elements to ensure the continued success of the bank and to further support the career development of its employees, BOV chief executive Tonio Depasquale said at the signing.

The agreement includes a package with salary increases over a period of three years tied to the bank's and the employees' performance.

Innovative features include the introduction of alternative and flexible working arrangements, career break and medical health checks.

The bank has also undertaken to consider subsidising summer schools for children.

Employees will also benefit from a better subsidy that will assist them to upgrade their cover under the health insurance scheme subscribed to by the bank.