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Economist says ‘handout’ culture of trade unions must stop

Economist says ‘handout’ culture of trade unions must stop

Economist Dr. Terrence Farrell

Economist Dr. Terrence Farrell

This country’s economic problems have just started as the price of oil and gas will not rebound anytime soon.

Economist Dr. Terrence Farrell told the Rotary Club of Port of Spain that the country isn’t really going through a recession but a period of structural adjustments.

He revealed things would not improve anytime soon especially with the production of Shale oil in the US and Iran coming back on stream as a major exporter.

He said how the government treats with the matter will determine how it will affect T&T.

He noted the handout culture of the Trade Unions and other sectors must change.

COMMENTS

WORDPRESS: 4
  • comment-avatar
    Kenrick Alexander 2 years

    Trade Union leaders in T&T only care about holding on to power in order to maintain their lifestyles. The word’Productivity’ does not exist in their vocabulary. They also do not realize that getting better benefits for their members could be worth more than an increase in salary.
    I know of someone who is currently seeking the help of a Trade Union to pursue an unfair dismissal situation and all the individual is told when he enquires on the progress being made is that ‘we’re looking in to it. Thats been going on for approximately three years. Unions? bah.

  • comment-avatar
    The mighty Trinifeak 2 years

    Theoretically Dr. Farrell is right. However, workers want their fair share of profit. The job of a union is to make sure that workers participate in the profit of their industry. The oil industry is in decline right now. Therefore high pay rises are out of question. Of course the government could tackle such a situation by giving workers responsibility. The industry can make workers shareholders. In this case it is also a requirement that the pay of the top managers is revealed and should be made transparent. The highest pay of a manager should never exceed a 10 times salary than the salary of a skilled worker. Once everything is transparent and workers a shareholders and part owners of their industry their attitude will change and the unions will lose influence. However, this is a big task for the tribal government of T&T.

    • comment-avatar
      Jerry Hussain 2 years

      What is even more important in T&T is when the rich and famous here make sure their family and friends occupy the top job positions (false papered idiots) and do not perform especially when we as parents break all stops to have our children study and succeed at the best universities abroad and come back home to face these heartless people who owns about everything including the government. And to get things to work any which way, they force others to suck up to them and we have no way of affording just about anything in the country. This is the real problem in the country. When Mr Speaker of the House get his papers falsely without passing the necessary exams what effect do you think this will have on the entire country. The string pulling must stop…NOW. Our leaders must be chosen on true merit not with one long resume of working on this and that but not achieving anything or NOT making a difference where ever he/she was placed. And when you analyse things the inefficiencies in their management is just plain lousy. And the entire country suffers as a whole when these bastards sit on their arses and live like kings from year to year. Eventually the real talents in T&T go away to other places of the world where they can get a wage to match their education, skills and experience. And the country suffers like now.

  • comment-avatar
    Jerry Hussain 2 years

    Many years ago he is the same gentlemen when he was the central bank governor and the hay fey of finance told us ….the engineering fraternity then of which I was a member ….that engineers do not know anything about projects and financing of them and chose the wrong option drilling in the wrong place and shut down the company and our only real chance we ever had of owning our own oil and gas company. Now after bringing all the crappy foreigners here that destroyed our development and crashed everything in the oil and gas sector he now wants to tell us how to fix it. These thiefing bastards of which he is only one just do not give up do they.