HSBC strike suspended again, as compensation deal nears
An agreement between the two sides is now down to its final details
HSBC workers suspended their strike for a third time on Wednesday afternoon, as an agreement over compensation appears within reach.
A circular issued by the bank employees’ union MUBE on Wednesday said industrial action would be called off at 3.30pm, “in view of developments and momentum being gained towards a provisional framework agreement”.
Sources told Times of Malta that talks are in their final stages, with the two sides appearing to have reached an agreement, although some issues are still being ironed out.
In Wednesday’s circular, MUBE said “current discussions have focused on the formula and workings to be used featuring the years of service,” among other things.
The union said that, once a full agreement has been reached, it would convene a meeting among members next week to present details of the agreement and vote on the matter.
The dispute, which erupted in late September, concerns whether HSBC’s 900-plus workers are entitled to compensation following the bank’s prospective takeover by Greek bank CrediaBank.
The dispute has seen the union call a sit-in strike, instructing employees to log off all communication channels and bank systems.
Sources told Times of Malta that MUBE believed workers were owed a payout which could potentially reach the €60 million mark in total.
Although CrediaBank has said the move will not lead to any job losses, union officials argue that the bank’s sale triggers a clause in workers’ collective agreement linked to terminal benefits.
The clause says workers are to receive the equivalent of a month’s salary for every year they have spent with the bank.
HSBC lawyers, on the other hand, took a different view, arguing that the union’s claim for terminal benefits had no legal standing, since no jobs were being terminated and the bank was simply changing its majority shareholder, not shutting down.
Sources told Times of Malta early in negotiations that HSBC was willing to offer workers some form of compensation, although this fell far short of the union’s demands.
Meanwhile, CrediaBank CEO Eleni Vrettou said the Greek bank would be willing to mediate between the two parties, in the hope of resolving the dispute as smoothly as possible.
The strike has been suspended and reinstated several times as talks progressed.
On Monday, PN backed the union’s call, saying it was “unacceptable” for HSBC not to compensate workers.