FCB pays for performance

First Citizens Bank (FCB) and the Banking, Insurance and General Workers Union (BCIWU) are in dispute over how to pay bank employees, said a bank statement yesterday. The bank said it is offering a rise of 18 to 24 percent to most employees for  the three-year period of January 1, 2003 to December 31, 2005. But the bank said the union had other criteria. FCB said: “The union is demanding salary increases of up to 37 percent with a part of that being automatic rewards based on length of service, in addition to enhancements to COLA, lunch subsidy, shift allowance and medical plan.” The bank preferred to reward staff on the basis of demonstrated performance and competence, not just on length of service.

The bank pointed out the other benefits it offered employees to boost both their quality of life and professional skills. “These include subsidised interest rates on mortgages and loans, pensions, health plan, special programmes.” While saying it was committed to the collective-bargaining process, FCB said it was not prepared to pay employees based only on length of service. In conclusion, FCB apologised to its general public for any inconvenience caused by the current situation.