Pan American Life Group
and union agree on 15%
Pan American Life Insurance Company, the new face of what used to be Algico, yesterday signed off on a 15 per cent collective bargaining agreement with the Banking, Insurance and General Workers Union (BIGWU).
Miguel Sierra, chief executive officer and managing director of the Caribbean arm of United States-based Pan American Life Group yesterday said he was pleased to be starting this new phase of the company on such a productive and promising note.
"We have been able to complete negotiations and I think what we did is we really had an open and honest communication with the union and I think we reached an agreement that was good for the union, the employees and the company," he said.
Pan American bought the Alico/Algico assets from MetLife in August and completed the negotiations that started a year ago under MetLife.
"The union was very kind, I asked for six weeks to get settled and we sat with them and reached an agreement that was good for everyone," he said.
"We think with this signing of the agreement our employees can make things happen. We think that the investment that Pan American Life is making in Trinidad and Tobago is something that is going to pay off for everybody. It is a win-win situation," he said.
Vincent Cabrera, head of BIGWU, yesterday hoped local companies will follow the standard set by Pan American Life.
"I hope other companies in the finance sector will follow the good example shown by this company," he said.