Exhibit 99.1
BANCOLOMBIA S.A. ANNOUNCES A NEW COLLECTIVE BARGAINING AGREEMENT
Medellin, Colombia, October 22, 2020
Today, Bancolombia S.A. (“Bancolombia”), and the unions, Uneb and Sintrabancol entered into a new collective bargaining agreement (the “Agreement”). The Agreement has a term of three (3) years, from November 1, 2020 to October 31, 2023.
The following are the most relevant aspects of the new Agreement:
1. | Salary increase: In the first year of the agreement, covered employees will receive a 4.8% salary increase. In the second year, the increase will be equal to the change in the Colombian consumer price index (“IPC”), plus 2.3%. In the third year, the increase will be equal to the IPC variation plus 2.5%. |
2. | Increase in the funds allocated to education, housing loans and health insurance policies. |
The new Agreement will benefit more than 13,000 employees with operational level positions in the bank and its subsidiaries Valores, Fiduciaria and Banca de Inversion Bancolombia.
Contacts | |||
Mauricio Rosillo Rojas | Jose Humberto Acosta | Carlos Raad Baene | |
Corporate VP | Financial VP | IR Manager | |
Tel: (571) 4885675 | Tel.: (571) 4885934 | Tel.: (571) 4885371 |