The Bermuda Industrial Union and the management of Stevedoring Services have agreed a collective bargaining agreement for dockworkers.

Under the agreement the two sides have agreed a wage freeze for 2015 and 2016 as well as a reduction of the workforce by four.

Warren Jones, CEO of Polaris Holding Company Ltd, which runs Stevedoring Services, revealed the successful conclusion to negotiations had taken just three meetings.

He added: “We have agreed a wage freeze for the upcoming 2016 fiscal year, with the caveat that this position will be reviewed at the end of the year. We will return to the table prior to the conclusion of the next fiscal year to negotiate wages only and the outcome will be based on the financial performance of the company.”

The move comes after Polaris reported losses in its annual accounts.

Mr Jones told the press conference: “Management has agreed to freeze the hiring of one senior management post and to reduce the management headcount by one.

“With two members of the port workers division retiring early in the fiscal year, we have also agreed to freeze hiring for those posts and review that position at the end of the fiscal year.

“This will reduce our staffing by four positions and positively impact our bottom line.”

The announcement that the agreement had been reached was announced yesterday afternoon at BIU headquarters in Hamilton.

BIU president, Chris Furbert, said: “Once again the BIU has proved we can work with our partners. It took just three meetings to reach this agreement which bodes well for the industrial relations climate and shows that we can sit down and talk the matter through.

“I am very encouraged by this current agreement.”