CENTRAL Bank employees are set to receive a 6% pay hike and improved paternity leave under a new collective agreement between the bank and the Banking, Insurance and General Workers Union (BIGWU).

A release from the Central bank announced that it reached a successful agreement with BIGWU for Bargaining Units 1 and 3.

The negotiations, which covered the period from January 1, 2021 to December 31, 2023, officially concluded on Thursday with the signing of the relevant collective agreements by both parties, the release stated.

“The collaborative process resulted in improvements in certain terms and conditions for staff represented by BIGWU, including a 6% general salary increase over the period, improvements in certain allowances, enhancements to the motor vehicle loan facility and the paternity leave entitlement upon the birth of a child,” the Central Bank stated.

According to the release, BIGWU president Don Devenish thanked Governor Larry Howai and the bank’s team, led by senior manager of human resources, industrial and external relations, Nicole Crooks, for their commitment to achieving a fair settlement in the current economic environment, and expressed his satisfaction with the outcome.

Crooks acknowledged the contributions and commitment of all members of the bank’s and union’s teams and expressed her appreciation for the professional and respectful atmosphere of the negotiations even when navigating challenging discussions, the release stated.

Speaking at the signing ceremony, Howai congratulated Crooks, Devenish and the bank and union teams on arriving at a settlement that reflected compromise and mature consideration of relevant circumstances.

He shared how proud he is to be part of the institution.