Bahamas Information Services Updates
Bahamas Mortgage Corporation Inks New Industrial Agreement
By Elcott Coleby, BIS
Sep 19, 2014 - 1:51:32 PM

Officials from both the Bahamas Mortgage Corporation (BMC) and the Bahamas Public Service Union (BPSU) are pictured during the Bargaining Unit Industrial Agreement signing ceremony on Thursday, 18th September 2014 at the BMC’s headquarters. Pictured among the representatives are the two principals, BPSU President John Pinder, seated second from left, and BMC chairman Senator Alex Storr, seated center at the head of the table.

Nassau,  New Providence - The Bahamas Mortgage Corporation (BMC) and the Bahamas Public Service Union (BPSU) signed a $450,000 Bargaining Unit Industrial Agreement on September 18, 2014 at the headquarters of the BMC.

In a statement released by the Corporation, this new agreement “provides for incentives, (two) increment increases and lump sum payments consistent with the current norms of industrial agreements.” Fifty-four BMC employees located in New Providence, Grand Bahama and Abaco stand to benefit from this new agreement.

“Additionally” continued the statement, “a flexi-time component was included in the agreement which provides for flexible working hours as operational conditions allow, to accommodate both the corporation’s valuable customers and staff.” Provisions for the continuance of the allowance for staff uniforms are also included in the agreement.

The overall aim of the agreement according to the Corporation is to equip its staff with the “necessary training, compensation and benefits to propel the BMC forward in its mandate to stimulate, promote and encourage affordable home ownership to the people of The Commonwealth of The Bahamas.”

The industrial agreement is for the five-year period effective October 1, 2013 to September 30, 2018.

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