China Bank, union ink 2-year CBA

MANILA, Philippines - China Banking Corp. and China Banking Corp. Employees Association (CBCEA) have recently agreed on a new collective bargaining agreement (CBA) amounting to P511 million for two years. The 2015-2017 CBA provides for salary increases; improvements in insurance coverage, medicine and tellers’ allowances, rice and HMO (for dependents) subsidies, and bereavement and union leave benefits; a contract signing bonus, as well as a special one-time bonus for China Bank’s regular rank and file employees nationwide. Unanimously ratified by union members on Nov. 28, 2015, the new CBA is China Bank’s 24th in its 95-year history and the first under president and CEO Ricardo R. Chua. “The new CBA is a reflection of how we value our people and how we motivate them to work harder with a renewed commitment to China Bank,” Chua said. Outside of the total CBA package, management also approved the granting of a special bonus to China Bank staff regularized between Aug. 2, 2015 and Dec. 1, 2015, and the upgraded CBA benefits upon regularization to probationary employees as of date of ratification.