Workers at St Lucia Mortgage Finance Company Limited (SMFC) will now get a general wage increase of 8% over three years.
The increase comes after negotiations between the company’s management and the National Workers Union (NWU).
Employees will get a compounded increase over three years, with raises of 3%, 3% and 2%. They will also receive one year of back pay. Other benefits include a cap on mortgage interest rates at 5% and longer paternity leave.
In a press release, NWU Secretary GeneralJohann Harewood said he is “pleased with the outcome of the negotiations, thereby avoiding further delay in the process”.
He added: “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.”
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