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BancoEstado reaches agreement with unions in line with new labor law

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BancoEstado reaches agreement with unions in line with new labor law

Banco del Estado de Chile reached an agreement on the basis of collective bargaining with trade unions in line with the country's new labor law, and will take effect on Oct. 1, but without defining the minimum services issue, Pulso reported.

The agreement - valid for two years - was made in accordance with a framework set by the Chilean Finance Ministry on collective bargaining deals.

The state-run bank is reportedly the first large Chilean bank to reach such a deal with its workers.

BancoEstado and the trade unions did not, however, define the issue of minimum services which has fueled disputes between Chilean banks and workers in recent months and now lies on the table of the country's labor authority, Dirección del Trabajo.

Chilean banks are trying to reach agreements with the unions on the minimum amount of services that would be needed to continue to provide banking operations in the event of an employee work strike.