Local conglomerate, Banks DIH Limited has signed a three-year agreement with the General Workers’ Union (GWU) for the company’s workers to receive an 11% salary increase for 2024, and within a three-year-period, wage increases totaling 25%.
The signing took place at the Ministry of Labour in Georgetown in the presence of the Chief Labour Officer (CLO) Dhaneshwar Deonarine.
President of the General Workers’ Union (GWU) Norris Witter told News Source that while the workers will benefit from a total salary increase of 25% within a three-year period; the workers will receive an initial increase of 11% starting with 2024.
According to him, approximately 1,600 workers are expected to benefit from the increase.
In a statement issued by Banks DIH, Norris was quoted as saying that the negotiations were “smooth” and “non-adversarial,” and were completed in five days over 30 working hours.
According to the statement, Banks DIH Finance Director, Deonarain Seepaul said the agreement is a significant milestone.
He said it underscores the company’s commitment to job security, medical benefits, life insurance, and retirement benefits for its workers.
The negotiations, he said, were concluded swiftly, resulting in a 25% wage increase and enhanced benefits over three years.
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