In a significant development for labor relations in Trinidad and Tobago, the National Insurance Property Development Company Ltd (Nipdec) has successfully concluded negotiations with the Public Services Association (PSA), resolving a longstanding collective agreement for permanent monthly paid workers. The settlement, finalized between PSA president Felisha Thomas and Nipdec chairman Vijay Gosyne, addresses compensation dating back to the period spanning January 1, 2014, through December 31, 2016.
The breakthrough agreement implements a five per cent wage increase and provides accumulated back pay totaling $5,613,535.69. This financial package will benefit 57 individuals comprising both current and former personnel—specifically 28 existing employees and 29 who have since departed the organization.
Nipdec’s leadership emphasized the agreement’s broader significance beyond financial compensation, characterizing it as a testament to the workforce’s dedication and a reinforcement of collaborative industrial relations. The company acknowledged the PSA’s constructive engagement throughout negotiation proceedings, highlighting the settlement as a milestone in strengthening institutional relationships with both employees and their union representation.
The resolution aligns with government commitments to workforce welfare while supporting Nipdec’s strategic vision to position itself as the region’s premier project and procurement management agency. Company officials reiterated their commitment to maintaining principles of fairness, transparency, and respect in all employee-related matters, suggesting this agreement establishes a positive framework for future labor relations.