Hopes of signing Collective Labor Contract

Only two items still unsettled

The Association of Banks (ABL) and the Federation of Unions of Bank Employees (FUBE) are laying the final touches on the draft of the renewable collective labor agreement. “The Minister of Labor is determined to put an end to negotiations and come out with a conciliatory solution," said George Hajj, President of the FUBE.

“We have agreed on many points but talks are still wedged on two main issues: The medical plan for retirees and the adjustment of salary brackets for salaries above $1,000,” Hajj said.

The previous labor agreement stated that banks’ employees would continue benefiting, after their retirement, from second-class hospitalization insurance coverage, provided that they settle the private insurance policy price after retirement. “We are calling for amending this article to keep the price of the insurance policy after retirement the same as before retirement,” said Hajj.

The FUBE is also demanding to keep the article about the salary adjustment for employees with salaries above $1,000 out of the contract. “If this article were included in the contract, employees with salaries around the mentioned ceiling will not be able to demand a raise,” said Hajj.

Negotiations over the renewal of the contract have been going ever since the collective labor contract expired at the end of 2009.

Annual increments granted to employees were kept at three percent, according to Hajj. Work hours were also left unchanged, from 8:00 a.m. to 2:00 p.m. on weekdays, and from 8:00 a.m. to 1:00 p.m.on Saturdays.

Hajj said the signing of the agreement is now dependent on the ABL’s consent: “The ball is in their court and we are awaiting their agreement to our two demands.”