Century-old China Banking Corp. has inked a new five-year collective bargaining agreement (CBA) covering over 3,900 employees.

The agreement, the lender's 27th CBA in its 102-year-old history, was signed between China Bank and the China Banking Corp. Employees Association (CBCEA) last Dec. 7 after two and a half months of negotiations.

The latest package includes economic and non-economic provisions to protect covered employees' health, safety, rights and livelihood.

"The smooth negotiation and mutually satisfactory agreements show China Bank's harmonious employee-employer relationship and more importantly, how management values and takes care of our people," China Bank president William Whang said in a statement.

This is also the first time that the lender had a straight five-year CBA with its employee union.

Previously, the CBA was for three years, then both panels renegotiate for the next two-year period.

‘Win-win'

In the statement, China Bank human resources group head Roskie Testa, lead negotiator of the management panel, described the new CBA as a "win-win" for the parties.

"We worked together in pursuit of the interest of both parties. I believe this new CBA would help us grow more in collaboration and cooperation as we face the challenges and opportunities ahead," she said.

The new CBA will have a retroactive effect beginning Aug. 1, 2022 and will be implemented until July 31, 2027. It provides a competitive package of salary increases, improvements in benefits and a signing bonus.

"We thank management for their fairness, understanding and genuine concern for employees' well-being. The union is committed to support the bank and its stakeholders," CBCEA chair Neil de Venecia said. INQ