THE EDITOR, Sir:THE MERGER of the four commercial banks (Citizens, Eagle, Island Victoria and Workers) into one bank seems to take on very little public interest.
I however feel that there must be more to it "than what meets the eye". This is the first of its kind in Jamaica and I am concerned about the precedence (if any) that will be set from this kind of merger that would affect the 'worker' sooner or later.
Who are the watchdogs? Who is it that really sees to the rights of the employees? Up until now, I have only heard mention of the Ministry of Finance, which I am sure, would not necessarily negotiate in the best interest of the employees. The trade union movement has remained quiet in this matter and to date I have only heard on the news media the union, which represents the employees, reporting that the employees were restive.
Would any of the following agencies be involved in all this merging, transferring and taking-over: The Ministry of Labour, The Income Tax Department, the Jamaica Employers' Federation, the Trade Unions, the NIS?
A matter such as this needs to generate (more) public interest as I think at the end of it all, there will be serious decisions taken that will have far-reaching implications to the worker in general in the future.
The transfer of staff to Citizens Bank Limited which later became Union Bank of Jamaica Limited and is currently being negotiated for sale to Royal Bank of Trinidad must necessitate the need for amendments/changes to some Acts or Legislation. Furthermore, what of the Legacy Banks? Have they ceased to exist? Will they take on new functions/roles? What of the pension schemes?
Will any decisions/amendments taken regarding these schemes have any bearing on pension schemes generally?
Please let us have some answers.
I am, etc.,
J. STEWART
Trevennion Towers
Kingston 5
