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Maybank Philippines, Inc. (MPI) has closed a two-year collective bargaining agreement with the 500-strong members of the MPI Employees' Union in a record breaking two-day negotiation.
The agreement struck by Maybank Management with MPI Employees' Union is in line with the Bank's goal to drive a positive behavioral change among employees; establish a "Pay-for-Performance" culture to promote excellence and high performance; and to have a win-win relationship among all parties that would result in increased productivity, better performance and a stronger partnership.
The CBA, which covers the year 2015 and 2016, includes a PhP30,000 signing bonus for all regular rank and file employees as of Dec. 31, 2014. Meanwhile, a pro-rated amount will be enjoyed by probationary employees who are regularized within January 2015. Also included in the agreement is a PhP1,000 salary increase each for 2015 and 2016 and a performance-based merit increase for all regular employees as of end-2014.
Other enhanced monetary benefits in the agreement include a monthly PhP700 monthly allowance for tellers; PhP300 transportation allowance for employees assigned in the Head Office and Metro Manila; PhP200 transportation allowance for provincial employees; and a PhP9,000 annual allowance for employees' medical, dental, and optical benefits.
Meanwhile, the Union is also provided a space, free of charge, in the Legaspi Towers 300 building to serve as the headquarters of the Provident Fund and the Cooperative. Members are also given a 15-day vacation leave, which can be carried over and availed until March 31 of the following year. The Union's health maintenance organization (HMO) plan is also transferred to Maxicare Health Corp., the HMO plan of MPI officers. Lastly, members are also given four sets of uniforms and two TIGER shirts-MPI employees' shirts worn every Friday of the month-for free.