Involuntary redundancy clause stokes fears at BOV

A clause in the new collective agreement raised eyebrows among Bank of Valletta staff fearing a possible move to reduce its labour force in the coming years.
Entitled ‘Involuntary redundancies’, the provision obliges the bank to notify the union representing workers in writing “about such cases, outlining the names of employees with their respective role/level and years of service as well as details about terminal benefits”.
BOV employees expressed concern about the new clause.

“This is the first time that such a clause has been inserted in a collective agreement,” a branch manager said. “It is known that BOV has been insisting with the unions on the need for the bank to become more productive and further reduce its headcount. This clause opens the door for such steps,” he added.
An employee with the bank for over 20 years said the management had repeatedly mentioned during meetings that there were over 200 “extra” workers, especially at head office.
‘It is only natural to follow lead of HSBC’
“Since HSBC is also getting rid of some people through early retirement schemes, it is only natural that BOV follow suit. The problem is that the early retirement scheme is not open any...