The Ministry of Finance and the Public Service has reached agreement with a number of major public sector trade unions regarding the new restructured compensation system.

This includes a majority of the groups in the Jamaica Confederation of Trade Unions.

In a statement this afternoon, the Ministry of Finance says between Tuesday, November 15 and Thursday, November 17, 14 unions have signed.

This includes the Nurses Association of Jamaica, Jamaica Civil Service Association, the Jamaica Workers Union, the Union of Schools Agricultural and Allied Workers Union and the Union of Public and Private Employees.

The Jamaica Association of Local Government Officers, the Jamaica Midwives Association, the Council of Paramedics and the Bustamante Industrial Trade Union have also signed.

These unions represent approximately 60,000 employees.

In a statement on the matter, finance minister Dr. Nigel Clarke says this is a momentous development given the four years of work that have gone into designing the new compensation system.

The new compensation system will be implemented over three years with an effective date of April 1, 2022, and will cost approximately $120 billion over the period.

EDITOR’S NOTE: This story has been updated from a previous version to correct an error with the effective date.