Banks DIH workers get “satisfactory” pay increase, cost of living allowance

Last Updated on Saturday, 5 October 2024, 17:54 by Writer

Banks DIH Limited’s more than 1,000 unionised workers will now get a 25% salary increase plus a monthly cost of living allowance of GY$17,000, President of the General Workers’ Union (GWU), Norris Witter said Saturday.

“Given the extenuating circumstances, it is a satisfactory deal,” he told Demerara Waves Online News.

Mr Witter explained that the pay hike has been broken down to 11% for year one, 8% for year two and 6% for the third year.

While the GWU represents 1,260 workers of the company, he said non-management staff would also benefit from the pay increase and allowances.

The union official said workers were also receiving a non-taxable cost of living allowance, a monthly performance incentive and an annual bonus.

A memorandum of agreement was signed between Banks DIH Limited and the GWU at the Ministry of Labour in Georgetown. The signing was chaired by Chief Labour Officer (CLO) Dhaneshwar Deonarine. 

In giving remarks, the company said in a statement that Mr Witter emphasized the smooth and non-adversarial nature of the negotiations, which were completed in five days over 30 working hours. He praised the positive relationship between the union and the company, highlighting the mutual reliance and recognition of employee importance. 

Finance Director of Banks DIH Limited, Deonarain Seepaul called the agreement a significant milestone and underscored the company’s commitment to job security, medical benefits, life insurance, and retirement benefits. He stated that negotiations were concluded swiftly, resulting in a 25% wage increase and enhanced benefits over three years. He emphasized the importance of sustainability for shareholders, employees, suppliers, and customers. 

Other attendees included GWU General Secretary, Pancham Singh; Branch Chairman, Quincy Bailey; Branch Secretary, Lawrence Drakes; Field Officer, Colin Miller; Branch Committee member, Dennis Glasgow, and Shop Steward, Nunyam Haynes. 

Banks DIH Limited was represented by Mr Seepaul and Human Resources Chief Executive/General Counsel, Kavorn Kyte-Williams.

The Chief Labour Officer commended the negotiations as a model for other companies, praising the willingness of both parties to engage constructively.

Banks DIH Limited is a leading Food and Beverage Manufacturer in Guyana. Its principle operations includes food and beverage production and restaurant operations. Automotive and financial services are also provided through its subsidiaries Banks Automotive and Services, Inc. and Citizen’s Bank Guyana, Inc., respectively. 

The GWU is a modern, independent and democratic workers’ organisation created by its members to promote and protect their interest.