CLICO agrees to 13 percent pay hike

STAFFERS of Colonial Life Insurance Company (CLICO) have won a whopping collective bargaining agreement  package, including a 13 percent salary increase over three years (2001 - 2003).

In the first year, workers are entitled to a seven percent increase and three percent for each of the ensuing two years. The agreement was signed last week between CLICO and the Banking, Insurance and General Workers’ Union (BIGWU). Other features of the agreement include enhanced health benefits, increased mortgage subsidiary, extension of maternity leave to 14 weeks, increased COLA, increased dislocation allowance and compassionate leave overseas, extended to five weeks.

In a statement following the signing, CLICO said: “In a spirit of goodwill and co-operation, the negotiations were completed amicably within eight weeks. CLICO has always maintained a healthy relationship with the union, and continues to sustain this by providing excellent benefits to staff for the retention of its top talent.” In equally complimentary terms, the president general of BIGWU, Vincent Cabrera, said: “CLICO has always maintained a decent level of industrial relations with the union.” He noted that COLA of $125 in the past is to be consolidated to the salaries of workers before the increase. The new COLA is $145.