Half a million dollars will be paid out to some 37 employees of ICON Distributors Limited, formerly SINGER, after the company signed a Memorandum of Understanding (MOU) on Tuesday with the National Workers Union (NWU).
The agreement stems from the purchase of ICON by another company, the union organisation said.
“In keeping with the industrial agreement between the parties, the big pay out will cover length of service, notice, pro-rated bonus, wages and vacation,” the NWU said in a statement.
“It was also agreed that all the workers will be given an opportunity to send in applications to the new entity and attend interviews. Those who meet the company’s standards would be employed.
At a meeting on Tuesday, Oct. 30 at Bay Gardens Hotel, ICON Distributors Ltd was to provide the NWU with detailed and concrete information pertaining to the purchase deal arrangement with the take-over company.
The NWU in return was to negotiate an overall compensation package that will incorporate length of service, annual vacation, notice pay and any other outstanding claims on behalf of the employees.
The NWU had said in an earlier press release that it full appreciates the “open and honest manner in which the company and the NWU will sign an industrial compensation package on behalf of some 37 employees”.
The union body said it is already the bargaining agent for the company that purchased ICON Distributors Ltd.