Finance Minister Colm Imbert says a proposal made by UWI lecturers as part of wage negotiations would result in a backpay total of 701 million dollars.

Mr Imbert told the parliament today that WIGUT is asking for a 24% increase over the period 2014 to 2017.

In addition to the hefty backpay, he says it will add a recurring cost of $78 million per annum for the St Augustine campus.

The Minister says since Government provides hefty annual subventions to the University, the responsibility for funding a settlement will fall on Government and taxpayers.

This week, WIGUT members engaged in a series of actions to protest the stalled negotiations.