GMA Network signs deal with workers’ union

GMA Network Inc. announced on Monday that it signed a deal with its employees’ union that would pave way for their salary hike and improved benefits in the next three years.

In a statement, the network said its management and the members of the union have signed the Collective Bargaining Agreement (CBA) that would provide regular rank and file employees with improved benefits within the said time frame.

Under the CBA, GMA Network employees will receive a signing bonus between P90,000 to P100,000, depending on tenure.

This is the highest signing bonus agreed upon by management and union members, the network said.

The company also said its regular rank and file employees will also receive a wage increase of P7,000 that is spread for three years from 2009 to 2011.

The CBA also covers increased or improved calamity pay, accumulation of sick and vacation leaves, maternity leave, paternity leave, fire and calamity assistance and medicine benefits.

The agreement also include the increase in accident and life insurance, optical benefits, compulsory retirement, optional retirement, death or permanent total disability benefit, longevity premium pay, bereavement pay and leave, college scholarship, and others.

Earlier, GMA Network expects its net income to climb to more than P2.8 billion this year compared with P2.37 billion last year.

In the first quarter, the company recorded a 10.4-percent growth in its earnings from P501 million from P454 million last year.

Its gross revenues for the first three months rose by 3 percent to P2.65 billion despite the contraction in advertising spending by companies. Earnings from its TV and radio units make up 91-percet share of the company’s gross revenue pie despite posting a modest increase of 1 percent to P2.42 billion.

The profit hike came amid a 5-percent increase in production costs and a 7-percent up tick in its general and administrative expenses. — Darwin G. Amojelar, Manila Times