Not increasing salaries...

Nevertheless, a spokesperson from the HSBC said that the HSBC is an equal opportunity employer in the country committed to provide a fair outcome for collective bargaining amongst the unionized staff as they are an integral part of the bank. We are supportive of the industry standard set by CBEU for collective bargaining and the bank has offered its unionized staff a competitive package consisting of ;

- An annual salary increase of 20% over 3 years together with an increase in the cost of living allowance (CoLA) for all unionized staff per month in addition to performance based increase in monthly salary which is a compound rate of 28% on combined Salary + CoLA + Average Performance pay for the first two years plus other staff benefits.

- The most flexible working arrangements in the industry which supports choice, preference and has flexibility to respond to individual needs of all staff

- in addition all bank staff were paid an additional discretionary payment equivalent to a one month salary during the month of May 2022 as additional support given the current crisis. 

We hope to conclude the process in an amicable way, the Spokesperson added.