The General Workers’ Union and the Bank of Valletta have signed a new collective
labour agreement for the period 2025-2027. For the first time, this agreement brings
together all employees of the Bank – both those working in the core business and
those in ancillary jobs – under a single unified framework. This agreement is another
significant step in the bank’s employee-friendly strategy with a long-term vision
towards growth, transformation, inclusivity, and well-being.
The agreement was signed at the BOV Centre in Santa Venera by the Secretary of
the Professional, Finance and Services Department at GWU Riccarda Darmanin and
members of the BOV Group Committee and BOV CEO Kenneth Farrugia, Chief
People & Culture Officer Ray Debattista, Lawrence Schembri and Melco Mallia from
the BOV Quality and Governance Department. The signing ceremony was also
attended by the Chairman of the Bank of Valletta, Dr Gordon Cordina.
Riccarda Darmanin welcomed this new agreement, which in her words “is “a strong
sign of the Bank’s commitment to act fairly and continue to make progress.”
She added that “this single agreement gives all employees equal access to
development opportunities and improved conditions by including measures to
promote work-life balance and wellbeing, regardless of their role. This continues to
build on the solid foundations we have created in recent years, and we look forward
to further strengthening our bond in the years to come.”
Commenting on this milestone, Kenneth Farrugia said: “This agreement reflects the
Bank’s ongoing commitment to its employees. By consolidating two separate labour
agreements into one, we are streamlining our operations and strengthening the
sense of unity across all functions within the bank. We believe this approach will not
only strengthen internal unity, but also help us better serve our customers and
shareholders.”
This new agreement follows on from several initiatives the bank has recently
undertaken. These include the introduction of a Voluntary Occupational Pension
Scheme (VOPS) in 2022.
This agreement is the result of an extensive and constructive dialogue between
GWU and BOV, based on mutual respect and the common goal of providing
employees with an optimal working environment in which they can flourish.
