01 January 2006

New Collective Agreement 2006-2008

 What Members Want

Our Current Collective Agreement (CA) expires on 31 December 2005.  SBEU is currently preparing our proposals for a new CA.  We have asked members to tell us what they want in the new CA.   Members have responded enthusiastically with numerous suggestions and request. 

We now compile these responses.  We urge members to look through and see whether there is anything else that they want to see included in the new CA.  Members can still give their views and suggestions to reach SBEU HQ by 20th December 2005.  We will carefully consider these requests and formulate rational and feasible proposals to the Banks and Finance Companies before 31 December 2005.

Please note that these are still proposals that have yet to be agreed to by the Banks and Finance Companies.  We expect to receive the counter proposals from the Banks by end of January 2006 and negotiations to begin by March 2006.

SBEU will continue to push for a performance pay system. As a 1st step, we may propose that annual bonus shall be based on a performance. Though highly controversial, SBEU believe that PRRS is the way forward will be beneficial to all members in the long term.  By having such a system in the CA, SBEU can prevent abuses that will occur if we allow banks to implement their own systems.

Annual Bonus shall be based on a performance related system that takes into account the individual employee performance, the bank performance, the nature of the job, the banking industry performance and other relevant factors.

The individual performance shall be appraised through an open appraisal system.  Such system shall amongst others, have the following features:

v       Clear and objective targets for the employee shall be set and agreed with the employee - such targets shall take into account the views of the employee and the union

v          Where an employee is not satisfied with his appraisal, he may invoke the Grievance Procedure under Article 4.

The bank shall provide full disclosure of all related statistics and accounts including management accounts when determining bank performance.

 Below is a summary of the various requests from members: