Both line staff and management at the Central Bank of The Bahamas have gone on work to rule after they say the bank decided to adjust their pension plan.

Yesterday during a press conference, President of the Bahamas Communications and Public Managers Union Talbot Collie, the bank abandoned a cooperative process that would decide on how best to deal with the pension situation.

He said the bank’s claim is that the plan is too expensive and therefore unsustainable.

However, Mr. Collie said the bank cannot unilaterally make changes to the plan based on the industrial agreements currently in place at the unions.

“A number of iterations of proposed changes to the plan have been circulated with the unions and employees but have been rejected in each instance,” he said.

“Essentially, each of the options presented would be to the detriment of existing and future pensioners by significantly decreasing their benefits at a time when it is needed most. Having contributed to the plan, employees have a reasonable expectation that the bank will not unilaterally seek to vary its terms without consultation with the affected parties.”

Mr. Collie said to date, despite their many attempts via letter and messages, the Central bank has decided to move on with its agenda.

“The Unions have no choice but to take action,” he said, “and rest assured that we will do just that.”
“Effective immediately, our members are on work-to-rule and we will take every lawful action in pursuit of justice for our members,” he said.

The union president said they are appealing to Labour Minister Shane Gibson and the minister responsible for the Central Bank Michael Halkitis to intervene in the matter before it escalates any further.

President of the National Congress of Trade Unions Bahamas John Pinder said he will continue to have an eye on the situation and stand by the Central Bank employees in their fight.