Sagicor Bank engages Labour Ministry to help settle wage negotiations with disgruntled workers

The management of Sagicor Bank Jamaica Limited says it is hopeful that a mutually agreeable resolution will be reached with disgruntled workers and their union over wages and benefits.

Bustamante Industrial Trade Union (BITU) Vice President, Rudolph Thomas, in a statement on Tuesday, indicated that employees have been wearing black to work to signal their dissatisfaction.

Thomas said the union’s claims for improved wages and benefits were submitted in October 2024, but negotiations have become increasingly drawn out, extending beyond eight months since a clarification meeting held on January 31, 2025, with both bargaining units.

Thomas contends that while the employer has publicly celebrated strong financial performance and achievements over the past year, it has failed to extend a fair and reasonable wage offer to employees.

He indicated that unionised staff have mandated the BITU to reject the current wage offer and to serve a 72-hour notice of industrial action on Sagicor Bank’s management.

Reacting to the development, Sagicor Bank, in a statement on Tuesday, said it is aware of the issues and has been working to resolve the matter.

The company said it and the union have successfully reached agreements on the vast majority of matters being negotiated in the bargaining process.

As it relates to negotiations between the BITU and Sagicor Life Jamaica Limited for a collective labour agreement, all but one matter have been resolved, the company noted.

“Regrettably, despite best efforts and a willingness to explore reasonable options, consensus has not been achieved on the remaining outstanding matters.”

Sagicor Bank says the Ministry of Labour and Social Security has been engaged to assist in facilitating a fair and timely resolution.

“The company’s leadership is hopeful that a mutually agreeable resolution will be reached through the established industrial relations framework."

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