Following five months of negotiations, representatives of Union Bank of the Philippines (UnionBank) and UnionBank Employees Association (UBEA) recently signed a new five-year collective bargaining agreement (CBA).

The CBA assures the 676 members of the union that “no one gets left behind” in a renewed commitment that can be considered as a milestone achievement made at a time when the banking industry is faced with increasing challenges due to the global pandemic.

Those challenges, discussed in depth during the negotiations, were reflected in the final agreement.

Both parties said that the agreement represents a package that is mutually beneficial to the employees and the bank, strengthening collaboration and long-term partnership that paves the way for the union to support the digital transformation of UnionBank as a way forward to survive the debilitating impact of the global crisis.

They agreed to hold the negotiations using virtual platforms, allowing a safer way to hold the negotiations while ensuring the integrity of both platform and process, pioneering a new practice that will be adopted in subsequent negotiations.

“Speaking of new practice, we are happy that UBEA agreed to conduct the negotiations virtually. It was this attitude to be open to a new way of holding CBA talks that allowed us to move forward.

In so doing, it paved the way for both panels to trust in the process, to trust in the virtual platform, and most importantly to trust each other that we all want the greater good,” UnionBank executive vice president and chief human resource officer Michelle Rubio said.