On Thursday evening, the Malta Union of Banking Employees held a meeting with its employees to explain the ongoing situation about the negotiations of the collective agreement and the handover to Credia Bank. The MUBE had successfully negotiated a compensation sum for employees but these details have not yet been released yet.
Employees however will be awarded a bonus sum compensation based on their years of service with HSBC Malta and will also retain their jobs with Credia Bank. Credia Bank has acknowledged a commitment to keep the current workers and has also pledged to conduct further investments in the bank.
The MUBE also confirmed that the current collective agreement is not being applied and that the compensation provided will also be taxed by the government. MUBE members are protested against the taxable deduction since this will significantly reduce their compensation.
The local management at HSBC Malta is rather powerless as all decisions about Malta are being taken from HSBC’s Paris headquarters.
More details are expected to be announced soon.
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