Workers at Nico Life Insurance, a subsidiary of Nico Holdings Malawi Limited, began a strike on Wednesday because of the deadlocked row over pay.
The company’s workers want to force their management to give them their arrears and 35 percent increment after rejecting a 10 percent offer from the employers.
The employees say the 10 percent increment they were given in the month September was manifestly inadequate with the prevailing economic hardships.
Chief Executive Officer Osman Karim could not talk to Nyasa Times as he was rocked in a meeting.
However, employees said their strike will not be halted unless they are given 35 percent increament, arguing the cost of living is very high.
The company’s audited financial statements indicates that its after tax profit for the year ended December 31, 2011 hit K1 billion up from K743.1 million.
The statement signed by for Nico Life Insurance Company Limited Chairman Felix Mlusu and Director Leonnard Chikadya shows that the company’s gross revenue shot to K7.6 billion up from K5.4 billion in 2010.
“Gross revenues increased by 39 percent because of sound business strategies and opportunities emanating from the pension reforms.
“Profit after tax is 35 percent higher than prior year despite challenges experienced in the year including declining yields on the money market and increased competition,” the statement says.
Total assets increased by 25 percent from K22.7 billion in 2010 to K28.5 billion.
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