Oct 2014 Financial News

NCBJ - Industrial Disputes Tribunal Award to Clerical Employees

Oct 31, 2014

National Commercial Bank Jamaica Limited (NCBJ) has informed the Stock Exchange that on October 23rd, 2014, the Industrial Disputes Tribunal made an award in respect of salaries and benefits for most of the clerical employees of NCBJ and its subsidiaries (“the NCB Group”). The award included an increase in salaries of 8% per annum for each of the financial years ending September 30th, 2013 and 2014. The increases for those years will now have to be paid retroactively. Although the NCB Group had been making provision for salaries to be increased once the award was received, the increases awarded exceed the amount provided. The extent to which the retroactive payments for those two financial years exceed the provisions that had been made will be taken into account in the income statement for the financial year ended September 30th, 2014.

Source:
The Trinidad and Tobago Stock Exchange Limited
Friday October 31, 2014