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NCB to pay $1.7b more in salaries

Published:Wednesday | November 5, 2014 | 12:00 AM
File NCB headquarters, The Atrium.

National Commercial Bank Jamaica has agreed to pay increases to staff that will add $1.7 billion to its salary bill over two years.

The banking group has agreed to an eight per cent salary increase for years 2013 and 2014. The bank's financial year ends annually in September.

In market filings to the Jamaica Stock Exchange, the bank said the salary award by the Industrial Disputes Tribunal (IDT) is $430 million more than the amount it had set aside for increased salaries and benefits.

The IDT award was made on October 23. However, the bank said the charge would be reflected in its fourth quarter results, which it plans to release next week.