The following is a press release from the National Workers Union (NWU):
PRESS RELEASE
WAGE INCREASE FOR FINANCE WORKERS
Workers employed with the St. Lucia Mortgage Finance Company Limited (SMFC) will now benefit from a general wage increase of eight percent (8%).
This development is as a result of negotiations concluded between the Management of the company and the National Workers Union (NWU).
Employees will receive an eight percent (8%) compounded increase spread over the three-year period as 3%, 3% and 2% respectively accompanied by a one year back pay. Other fringe benefits include a capping of mortgage interest rates at five percent (5%) and an increase in the duration of Paternity Leave.
Secretary General of the NWU Mr. Johann Harewood says he is pleased with the outcome of the negotiations thereby avoiding further delay in the process.
It must be noted that the SMFC has participated in many social housing and land development programmes in Sans Souci, Independence City, Entrepot, Ravine Chabot, Reduit Park, Reduit Orchard and Massade among others.
The company must now engage in serious industrial relations initiatives to bring more work programmes to its employees.
