The National Credit Union Administration has signed a five-year contract with its employee union.

The National Treasury Employees Union—which represents nearly 80% of the agency's work force—"overwhelmingly" approved a collective bargaining agreement Tuesday, the NCUA said in a press release.

The agreement includes a series of unspecified pay caps for employees at all levels. It makes revisions to the agency's schedule for salary increases.

It "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," NCUA Chairman Debbie Matz said in the release.

Additionally, the agreement increases an employee health subsidy. It also requires employees to work from home when the federal government is closed.

No additional details were offered on the terms of the employee contract.

"I am confident this new agreement will benefit current NCUA employees and heighten NCUA's ability to attract and retain highly qualified employees in the financial sector," Colleen Kelley, president of the NTEU, said in the release.

The NTEU represents about 950 of the NCUA's 1,200 employees. In total the union represents nearly 150,000 employees across 30 federal agencies.

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