China Bank signs P511-M CBA with employees association

China Banking Corp. (China Bank) has signed a P511-million collective bargaining agreement with China Banking Corp. Employees Association (CBCEA), the Sy-led bank revealed on Tuesday.

The 2015-2017 CBA signed by union members on November 28 provides for salary increases; improvements in insurance coverage, medicine, and tellers' allowances, rice and health maintenance organizations (for dependents) subsidies, and bereavement and union leave benefits.

It also includes a contract signing bonus and a special one-time bonus for China Bank's regular rank and file employees nationwide.

The CBA is China Bank's 24th, 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 in a filing to the local bourse.

Aside from the CBA, China Bank's management also approved the grant of a special bonus to staff regularized between August 2, 2015 and December 1, 2015. — Jon Viktor D. Cabuenas/BM, GMA News