BANKS DIH Limited yesterday signed a historic wages agreement with the General Workers Union, which, over the three years, will provide increases ranging from 11 percent to 21 percent, and this will cost the company $190 million in the first year.

The signing took place at Banks Thirst Park complex. At the signing were Chairman of Banks Clifford Reis; President of the union Norris Witter; Chief Labour Officer Yoganand Persaud; Banks Human Resources Director Andrew Carto; Banks Personnel Director Techla Gonzalves; Secretary of the union Pansham Singh; and Banks Assistant General Manager George McDonald.

The agreement takes effect on October 1, 2011, and ends on September 30, 2014.

Speaking at the signing, Reis said the negotiations between the company and the union were healthy, and showed the respect each side had for the other.

“This agreement can be described as historic. Both of the parties brought to the table the concerns of their constituents,” he said.

The chairman said that the company bargained from the position of what is best for the company. He said that the country’s Gross Domestic Product and the cost of goods and services were some of the determining factors informing the company’s bargaining position.

He said that an across the board increase would not have suited the company’s needs and noted that any increase had to be based on the identification of specific skills within the company. Reis said that the agreement will allow  increases in allowances in a number of situations, inclusive of work before 06:00hrs. The agreement also covers HIV/AIDS in the workplace, occupational safety and health, and matters of worker discipline.

Speaking at the signing, Witter said, “There shall be no retrenchment” of workers as part of the agreement, and hence security of tenure is assured.

Witter expressed the view that the negotiations have taken the relationship between Banks DIH Limited and the General Workers Union to another level. “It’s an achievement of all stakeholders in this process,” he said.

Calling the signing of the agreement a win/win situation, the union leader said it is now incumbent upon the parties to ensure that what is signed on to is upheld in letter and in spirit.

Witter expressed appreciation to the Ministry of Labour for being present at the signing, in the person of the Chief Labour Officer. He also commended the management of Banks DIH Limited for its part played in the negotiations.