Workers at St Lucia Mortgage Finance Company Limited (SMFC) are set to receive an 8% cumulative general wage increase spread across a three-year period, following successful collective bargaining between company leadership and the National Workers Union (NWU).
The wage adjustment will be rolled out in incremental, compounded instalments: a 3% raise in the first year, an additional 3% in the second year, and a final 2% increase in the third year. Beyond the scheduled wage gains, the negotiated agreement also grants workers one full year of retroactive back pay to compensate for prior wage freezes or delays. Additional improved benefits written into the new contract include a permanent cap on employee mortgage interest rates capped at 5% and extended paternity leave for eligible workers, bringing SMFC’s employee benefits in line with modern labor standards.
In an official press statement announcing the conclusion of talks, NWU Secretary General Johann Harewood expressed satisfaction with the final outcome of the negotiations, noting that the mutual agreement between the two sides prevents any further disruptions or delays to the labor bargaining process. Harewood also took the opportunity to highlight SMFC’s longstanding contribution to national development, pointing to the company’s extensive involvement in dozens of public social housing and land development initiatives across the island nation. Major projects SMFC has supported include developments in Sans Souci, Independence City, Entrepot, Ravine Chabot, Reduit Park, Reduit Orchard and Massade, among other communities across St. Lucia.