Revised Offer For Settlement

As part of the ongoing salary negotiation process, Republic Bank (Grenada) Limited has offered the Bank and General Workers Union by letter dated July 14, 2023, a revised, without prejudice settlement offer of 9.25% for the period January 1, 2020 to December 31, 2023. This Offer, when compounded with the Bank’s pay for performance merit arrangements takes the pay-out to members of the bargaining unit on average to 16.23%, well over the 12.25% that the Minister had tabled.

Merit increases are added to the individual employees’ base salaries annually, based on an employee’s performance during the financial year. Such sums when taken together with the negotiated economic increase secured by the Union, are funded by the Bank as the employees total cash compensation.

The Bank continues to negotiate with the Union to find a resolution that is fair to all parties and has in good faith, revisited its 6.25% offer twice since the commencement of strike action by some members of staff on June 29, 2023. Based on current market data, the initial offer was aligned to comparative salary increases in the financial services sector for the corresponding period.

The Bank remains committed to an amicable solution to these negotiations in the interest of all of its employees and customers.

We will update our customers and the general public as more information becomes available, via our website, www.republicgrenada.com.