The Minister for Labour Honourable Peter David, has ruled that because of the sale/change in ownership of CIBC FirstCaribbean International Bank (FCIB) to the Grenada Co-operative Bank Limited, the workers of CIBC First Caribbean International Bank have the right to decide whether to transfer to the Grenada Co-operative Bank Limited, or opt for termination and receive termination allowance (severance payment).
This is similar to what was obtained during the sale/change in ownership of Bank of Nova Scotia and RBC RBTT Bank respectively.
This ruling is in keeping with Section 45 (2) of the Employment Act of 1999.
The Minister also ruled that the FCIB must pay 100% of the retroactive sum owed to the workers for the overtime worked as rostered by the Bank.
The Minister has also made rulings on matters such as salary increases for the period 2019 to 2022, security of pensions, security of health insurance, shareholding, and home and auto insurance.
The Union has accepted the recommendations from the Minister for Labour and looks forward to the Bank resolving the matters so that its sale to Grenada Co-operative Bank Limited can be finalised in a normal industrial climate.
GTAWU
