PSE Circular for Brokers No. 110-98

February 10, 1998 PSE CIRCULAR FOR BROKERS NO. 110-98 PLDT NEWS The PLDT management and the Company's rank and file union signed a new 3-year collective bargaining agreement [CBA] February 8 covering the period November 9, 1997 to November 8, 2000. The new CBA grants rank and file workers salary increases and other benefits during the three-year period. This includes a one-time lump sum payment of P90,000 and educational assistance of P18,000 for the first year payable on February 20, 1998; a wage increase of P1,750 for the second year, effective November 9, 1998, and a wage increase of P2,500 for the third year, effective November 9, 1999. "The innovative lump-sum grant on the first year is quite timely and will be of great help to the workers in the light of the present tight economic situation," PLDT Senior Vice President Antonio R. Samson said. He said the signing of the CBA means there will be no more work stoppage and ensures speedy implementation of PLDT's service improvement and modernization program as both parties agreed to include a provision which recognizes management's right to initiate redeployment of personnel. Other highlights of the CBA include a new salary scale which increased minimum salary for different job grade levels and corresponding promotional increases from one level to another effective November 9, 1997. Monthly rice subsidy was increased from P750 to P1,000 while the yearly Christmas gift certificate was increased from P3,000. to P5,000, effective November 9, 1997. Educational trust fund for the member's dependents was increased from P10 million to P20 million; funeral assistance per dependent raised from P10,000 to P15,000 while the amount of coverage under the group insurance plan was doubled to P300,000 effective February 8, 1998. LexLib Maternity, bereavement and calamity leave benefits, relay station allowance, per diem during out-of-town assignments, and hospitalization benefit plans for members' dependents were also improved. Samson said the early conclusion of the CBA, only three months after the expiry of the old one sets a record for the speediest settlement in PLDT history, without incurring any deadlock.