HSBC strike suspended again as union and bank officials meet

A strike by HSBC workers is set to be suspended for a second time, following a new directive issued by bank employees’ union MUBE on Monday afternoon.

The suspension will come into effect at 4.30pm on Monday, ahead of a new meeting with HSBC management later in the day, the union said.

In a statement, MUBE said it would be giving further notice once the meeting ends.

The industrial action has been ongoing for the past week, with the union first directing employees to log off communication channels and bank systems last Monday.

The strike was then suspended on Wednesday, after union representatives met for conciliatory talks with DIER, the government’s industrial relations unit.

Just two days later, on Friday, the strike was back on, with the union saying the bank had put forward a “wholly unacceptable” offer for compensation.

On Monday, the union once again put the action on hold, saying it hoped that “a tangible workable proposal is forthcoming”.

In a statement, the union said the bank’s announcement to leave the country last year was difficult for employees to deal with, “especially when media reports suggested that others knew more” than them about ongoing negotiations.

The dispute revolves around a compensation package for employees, with union officials pointing to a clause in their collective agreement related to terminal benefits.

This clause would entitle employees to a month’s salary for each year they have been with the bank, capped at a maximum of three years’ salary, amounting to a total payout of roughly €60 million.

However, HSBC lawyers argue that there is no legal basis for this clause to come into effect, since the bank is simply changing shareholders, rather than shutting down, with incoming CrediaBank having ruled out any job losses for the next two years.

Sources told Times of Malta that although HSBC is open to offering some form of goodwill compensation, this falls well short of the union’s demands.