Pay caps, telework addressed in NCUA 5-year labor contract

July 8, 2015

ALEXANDRIA, Va. (7/8/15)--A new five-year collective bargaining agreement was signed Tuesday by National Credit Union Administration Chair Debbie Matz and National Treasury Employees Union (NTEU) President Colleen Kelley.

According to the NCUA, the agreement modernizes the agency’s pay and benefits program, keeping it competitive with other financial services regulators.

“[This agreement] respects and responds to the needs and concerns of management and employees and is a commitment by both to work together to continually improve the working environment,” Matz said. “At the same time, it reflects both sides’ recognition of the need for budget prudence.”

Specific elements of the agreement include:

  • Pay caps at all grade levels and more controls over growth in the locality pay adjustments to curb the rate of growth in salary expense;
  • Fixed increases in the pay schedules for more predictability in salary growth;
  • New telework provisions requiring employees to work from home when the federal government closes; and
  • Further refinement in the benefits package that was modernized in the last contract, including an increase to the health benefits subsidy and the NCUA Savings Plan for employees.

According to the NCUA, the agreement was “overwhelmingly approved” by NTEU members. NTEU represents roughly 950 of the NCUA’s nearly 1,200 employees.