A huge back pay sum has been agreed upon for some 150 daily paid workers of the Water and Sewerage Company Incorporated (WASCO).
The Times has been reliably informed that the sum involved is $3.2 million.
The payout follows the amicable resolution of a two-year protracted wage impasse between the new WASCO board and the National Workers Union (NWU).
The NWU said in a statement that in an effort to demonstrate its appreciation to the workers, the WASCO board will pay out to the workers five thousand dollars each, as an advance.
The statement said the advance money will be paid before Christmas.
WASCO and the NWU have agreed to meet in January 2017 to work out a mechanism that will be used to pay out the balance of the retroactive payment.
One WASCO employee who qualifies for the biggest individual payout will receive some $82,000, according to information obtained by the Times.
Other significant individual payouts have been calculated at between $23,000 and $50,000.
The NWU has disclosed that each worker will be given a letter from WASCO detailing personal information regarding the company’s financial commitment to that employee.
The union is expected to invite investment experts to advise the WASCO employees on how to make the best use of their cash.
The union has conveyed its appreciation to the new WASCO Board of Directors led by Mr. Francis Denbow for its understanding, sensitivity, honesty and the determination to settle the impasse during the industrial engagement.