This development is as a result of successful negotiations between the Finance Corporation and the National Workers Union (NWU).
The new industrial agreement, which was signed at the Department of Labour this week, will run for a period of three years. Workers will receive an upfront four per cent general wage increase along with a small back pay.
An upward revision as well as new fringe benefits also form part of the industrial package. The parties will meet in year two to deal with reclassification and wage adjustments for years two and three respectively.
The NWU now represents workers in eight financial institutions on the island.