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The National Insurance Property Development Company Ltd (Nipdec) has announced the settlement of the outstanding collective agreement with the Public Services Association (PSA) for its permanent monthly paid workers. The agreement covers the period January 1, 2014 to December 31, 2016, approximately one decade ago.

This settlement reflects a five per cent increase, with an accumulated back pay of $5,613,535.69, which benefits a total of 57 employees, 28 current employees and 29 ex-employees.

Nipdec noted the dedication and contribution of its workforce over the years and said it is committed to fostering a positive and collaborative industrial relations environment. It said the conclusion of this agreement marks an important milestone in strengthening the organisation’s relationship with its employees and the PSA, while reinforcing Nipdec’s commitment to fairness, transparency and respect in all employee-related matters.