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AMMAN - HSBC Jordan’s operations will return to normal starting today after its employees ended a five-day work stoppage, the bank said in a statement on Monday.

The HSBC management reached a deal with the General Trade Union of Employees of Banks, Insurance and Auditing, under which the employees agreed to end their strike in return for certain benefits and commitments by the bank, according to the statement.

Under the agreement, the bank will increase salaries by 8 per cent, in addition to paying a cost of living allowance in accordance with Central Bank of Jordan guidelines.

Furthermore, the bank will no longer terminate its employees’ contracts, but instead will allow them to resign after reaching agreements with them on severance benefits.

The benefits include access to personal and housing loans at 6 and 4 per cent interest rates respectively.

"HSBC remains absolutely committed to the Middle East and to Jordan, and will continue to develop its business here," the bank's statement said, adding that it was “pleased” to have reached an agreement".

Last week, the bank's employees started an open-ended strike to protest against what they described as a "policy from abroad of firing employees".

According to striking workers, the bank terminated several of its employees’ contracts as part of a policy to reduce the number of its staff in Jordan, which currently stands at 350.

The bank denied this claim, but acknowledged that it has completed a restructuring programme for its operations in the Middle East that will cover six countries in the region.



Source: Khaled Neimat