The Antigua and Barbuda government says it has made the first installment of the LIAT Employees Compassionate Payment Bond, which has since been transferred to BDO Eastern Caribbean for distribution to the eligible former LIAT employees.
A statement by the Office of the Prime Minister said that the payment allows former LIAT workers who were stationed here to begin receiving payments toward their severance.
JOIN THE ABN WHATSAPP GROUP
FOLLOW THE ABN WHATSAPP CHANNEL
“The Compassionate Payment Bond, issued by the Government, is a 10-year bond valued at EC$16.72 million (One EC dollar=US$0.37 cents) with an annual interest rate of two per cent.
“This bond addresses Antigua and Barbuda’s 32 per cent share of the severance owed to 405 former LIAT (1974) Ltd. employees, reflecting the nation’s ownership share in the regional airline,” the statement said.
LIAT 1974 Ltd had been under administration since July 24, 2020. It was declared bankrupt in January last year
Apart from Antigua and Barbuda, the other shareholders of the airline were Barbados, Dominica and St Vincent and the Grenadines. Most of these islands have reached agreement with their former LIAT workers on severance payments.
“This bond further demonstrates the Government’s commitment to the former LIAT employees and ensures a measure of relief for those affected by the airline’s closure,” the statement from the Office of the Prime Minister said.
JOIN THE ABN WHATSAPP GROUP
FOLLOW THE ABN WHATSAPP CHANNEL
“Former LIAT 1974 Ltd. employees are advised to contact BDO Eastern Caribbean, the appointed escrow agent, to receive their payment. BDO is responsible for managing and distributing the bond payments to ensure a smooth and equitable process for all eligible recipients,” it added.
Last December, as he delivered the country’s national budget, Prime Minister Gaston Browne said that his government is determined to address the concerns of the former LIAT 1974 Ltd. workers, especially those stationed in Antigua.
He said then that the bond will be a 10-year instrument on which payments will continue annually, until the EC$16.7 million principal plus interest is fully extinguished.
The Antigua and Barbuda Workers Union (ABWU) has been calling on the government to negotiate an amicable settlement, but the government has accused the union of not wanting to negotiate in good faith.
The government had originally offered a 50 per cent compassion payment in cash and bonds to the former employees that Browne said amounts to EC$110 million. The ABWU had said in the past that it would continue to seek the 100 per cent severance payment to the former airline employees.
JOIN THE ABN WHATSAPP GROUP
FOLLOW THE ABN WHATSAPP CHANNEL
The union has not yet responded to the latest statement by the government regarding the release of the bond.
CLICK HERE TO GET ON THE ABN WHATSAPP
Аre you a business owner? Antigua Breaking News оffеrs fullу сuѕtоmіzаblе аnd flехіblе dіgіtаl mаrkеtіng расkаgеѕ. Yоur соntеnt іѕ dеlіvеrеd іnѕtаntlу tо thоuѕаndѕ оf uѕеrѕ іn Antigua аnd аbrоаd.
———————————————————————
CLICK HERE TO GET ON THE ABN WHATSAPP
CLICK HERE TO GET ON THE ABN WHATSAPP
CLICK HERE TO GET ON THE ABN WHATSAPP
CLICK HERE TO GET ON THE ABN WHATSAPP
CLICK HERE TO GET ON THE ABN WHATSAPP
CLICK HERE TO GET ON THE ABN WHATSAPP
Follow Antigua Breaking News on X, formerly Twitter @ABNAntigua and on Facebook. Send us a message on WhatsApp at 1-268-779-3189 or email us at antiguabreakingnews@gmail.com
The post Antigua Government makes first payment to LIAT employees appeared first on Antigua Breaking News.
