PAFCO announces salary increment of 12.5%
July 27, 2018 7:25 pm
The Pacific Fishing Company Limited’s board of directors have announced a salary increment of 12.5% for all non-management staff.
The salary increment which was approved by Public Enterprise Minister will be backdated to January 1st, 2018.
In a release, the company states the increment is a timely recognition of the employees towards the improved financial performance of PAFCO.
The company adds despite the isolated location, high operational and other associated costs and the impact of adverse weather conditions, PAFCO has consistently produced positive results.
The government holds 99.6% of issued capital with 0.4% being held by private shareholders, since the government acquisition from a Japanese company in 1987.
The principle activities of the company are loin processing and canning of tuna for local and international markets.
The company’s processing plant is based in Levuka, Ovalau.
PAFCO provides employment to more than 1000 people from Ovalau and the Lomaiviti Province.
The company pays an annual gross salary in excess of $7.5m and is a major employer on the island.
The Government has continued to provide support and assistance in terms of grants, loans and duty concessions required for PAFCO to operate successfully.