Banks DIH Limited and the General Workers Union (GWU) yesterday signed a memorandum of understanding at the Banks DIH Limited conference room paving the way for more than 1300 workers to get increased salaries and fringe benefits.
After three weeks of negotiations, the company and the Shop Stewards arrived at a three-year agreement which commenced from the 1st October and ends on 30th September, 2017.
The agreements include increases in travel, meal and overtime allowances and salaries.
According to Banks DIH Chairman, Clifford Reis, the accord provides for a six per cent increase in the first year, four per cent in the second and two per cent in the third for salaried employees and in the last year there can still be discussions.
General President of the GWU, Norris Witter told this newspaper that in terms of workers’ performance incentives, there are three targets.
In achieving the first target the worker is entitled to thirty per cent, upon achieving the second target the worker will receive forty per cent and on the achieving the third, the worker will receive fifty per cent of his or her basic salary.
