An expired agreement with The National Insurance Board (NIB) and Public Managers Union (PMU) was renewed yesterday at NIB Headquarters.

While the cost of a Performance Management System geared at enhancing employees’ productivity and performance could not be disclosed, NIB Chairman Felix Stubbs says the system will form the basis of employees’ annual appraisals.

“This new industrial agreement has now enshrined the merit-based, performance management and compensation system, which we are please to announce, is in its nascent stages here at the Board,” he said.

“The pilot phase of the implementation, which was launched January 2017 is well underway, and the programme will continue to be fully phased in over the ensuing 12 months. “

The agreement will seek to reflect the emerging sprit of consultation, preserve the rights and benefits of union members especially those in the family islands, consider the increased cost of living and allow staff to be rewarded for improved performance and productivity.

PMU President Leslie Munnings says his union is ultimately satisfied the agreement contains such a rewarding package.

“This agreement entrenches Health and Safety standards, supports intellectual development through tuition assistance provisions, and provides long overdue relief for person at the top of their salary scale,” he said.

Mr. Munnings however quickly admitted while the signing of the agreement is a major milestone there is still much work left to be done.

“This agreement doesn’t fix and cure everything that we had hoped, but we believe that is certainly provides a framework upon which we can both build,” he said.

The PMU is a union that has been around for over two decades and assists employees at NIB, Bahamasair and The University of The Bahamas.

The agreement takes effect upon registration by The Registrar of Trade Unions and Industrial Agreements and will expire on December 31st, 2019 and is retroactive to April 2015.