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| Wednesday, 7 January 2004 |
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Commercial Bank signs new Collective Agreement with CBEU The Commercial Bank of Ceylon and the Ceylon Bank Employees Union (CBEU) recently entered into a Collective Agreement pertaining to salaries and other perquisites offered to two categories of staff. The negotiations between the two parties were facilitated by Gotabaya Dasanayake, Director General of the Employers' Federation of Ceylon (EFC). According to the new agreement effective retrospectively from April 1, 2003, Junior Executive Assistants would receive a 15 per cent salary increase for the first year of the agreement. They would also receive further salary increases of 7.5 per cent for each of the two following years. Staff in the Banking Assistant/Allied Grades and Minor Staff categories would receive a 15 per cent salary increase during the first year and a further 5 per cent increase in each of the following two years. Medical facilities and other allowances payable to these categories of staff have also been increased in keeping with market trends, the Bank said. A significant aspect of the new agreement is that for the first time in the history of banking in Sri Lanka, the job of Banking Assistant (formerly Clerk) has been enriched by making it a part of the executive cadre. As a result, Junior Executive Assistants will receive a salary enhancement, a monthly travelling allowance and an annual holiday allowance. According to this agreement, the quantum of the annual salary enhancement will depend on each employee's level of performance. Commercial Bank's Deputy General Manager - Human Resources Jayanta Jayaratna said that both parties were able to arrive at a mutually satisfying settlement in a comparatively short period of negotiations. "The success of the bargaining process was mainly due to the adoption of an interest-based bargaining strategy where both parties understood the interests behind the respective positions and made every effort to reconcile opposing interests instead of experiencing a deadlock," he said. The previous Collective Agreement which was signed jointly by nine private sector commercial banks expired in March 2003. The Bank said that due to specific concerns which were unique to the Commercial Bank, the bank and the Union agreed to negotiate independently. |
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