Latest update May 13th, 2024 12:59 AM
Nov 22, 2008 News
The decision by the arbitration tribunal set up to deal with the GuySuCo/GAWU wage dispute will be announced today at the Bank of Guyana Boardroom.
The tribunal was commissioned on August 29 last to deal with the wage dispute.
In its written submissions to the tribunal, GuySuCo had stated that it is no secret that the corporation is experiencing, and will continue to experience, a tremendous loss in revenue as a consequence of the draconian price cut being imposed by the European Union (EU), its main customer.
The aggregate price cut phased over a four-year period (2006 –2009) is 36.1 percent, which will see the price of sugar move from US$759 per tonne to US$486 per tonne by 2009.
However, GAWU is contending that the sugar company can meet the wage claim by the union, given the dynamic international market for sugar and expansive revenue-generating initiatives.
GAWU is seeking a pay increase of 14.25 percent in light of the rising cost of living.
But GuySuCo says that it can offer only a 5.25 percent increase for the year.
The tribunal team is led by Deputy Governor of the Bank of Guyana, Dr Gobind Ganga.
Other members of the team are attorney-at-law Cecil Seepersaud and Major General (ret’d) Norman McLean.
Soured wage negotiations between the company and GAWU resulted in workers taking industrial action which lasted for almost four weeks.
Both sides will be bound by the decision of the arbitration panel.
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