On Thursday the utility accepted a recommendation from the Industrial Court for the increase two weeks after the court first made the recommendation.
T&TEC's decision will settle negotiations between the company and the Oilfields Workers’ Trade Union (OWTU) for the period 2009-2011. The settlement will cost the company about $170 million in backpay as well as an additional $120 million annually.
According to the agreement workers will get a two per cent increase for 2009, the same amount for 2010 and five per cent in the final year, 2011.
According to the agreement workers will get a two per cent increase for 2009, the same amount for 2010 and five per cent in the final year, 2011.
President general of the OWTU Ancel Roget was still not happy. "This settlement should have been arrived at for quite a while now, and the fact that it came so late in the day is still an injustice to T&TEC workers," Roget told reporters.
He said in addition to the nine per cent increase and increases in allowances, the settlement allows weekly-paid workers to benefit from a company savings plan to which both the company and worker contribute.
He said in addition to the nine per cent increase and increases in allowances, the settlement allows weekly-paid workers to benefit from a company savings plan to which both the company and worker contribute.
Roget said the next step is to develop proposals for a new round of negotiations for T&TEC for the period 2012-2014.
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