So, what will happen if First Caribbean's Management and the Christian Workers Union cannot reach an agreement before the bank's exit becomes final?
Well, the Labour Commissioner says that according to the Labour Laws, they or the bank purchasing the assets, Heritage, are legally obligated to look
after the interests of these employees. Here's how he explains it:
Ivan Williams - Labour Commissioner
"I was also able to raise the relevant legal framework governing that type of relationship and I mentioned that in the event an employer seeks to
terminate the services of its employees; then adequate notice must be given. For those employees who are there for more than 5 years, the law required
a 8 week notice. Clearly the bank would have given its employees 8 weeks' notice of their intention to terminate their contracts. In addition to that,
in 2011, the labour amendment act #3 of 2011; provisions were made in there for a 30 day notice with a full detail of those employees who will be
affected. The proposed benefits of those persons and it also makes provisions for the labour department to intervene to try and mitigate the adverse
effects that they redundancy would have on employees. And so clearly that the legal framework, so there is laws governing the bank. Just in the event
that; and I don't think the bank has any desire, because it doesn't serve the bank any good to pack up and leave. They have a reputation and they have
everything to lose. I had to remind them of those provisions, those legal provisions. In any event, they have to follow; and the legislation goes
further to say if in a transaction where there is a buying and a selling; if the sellers don't ensure that their obligations are taken care of in
regards to the employees; then the buyer steps in and assume those liabilities. We have provisions in the labour law for that. So clearly there is a
legal provision and there is room for discussion and there is enough time to ensure that the laws are complied with fully."
The first meeting between First Caribbean and CWU takes place on September 28. CWU President Audrey Matura-Shepherd says that in good faith, they will
not reveal the terms of the bargaining discussions while they are in progress, unless the union feels that the bank is being unfair to these employees.
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