The Telecommunications Services of Trinidad and Tobago says five hundred and three Junior and Senior staff received retrenchment notices along with payment in lieu of the forty-five days’ notice.
It describes the move as a critical phase in its organizational transformation.
TSTT explains that the next phase will involve the rationalization of non-unionized employees including the executive level.
According to TSTT’s Chief Executive Officer, Dr. Ronald Walcott, “in the previous financial year, the company recorded an operating loss of thirty-two point five million dollars and the contributing factors that led to that performance continued in the six months of the current financial year to September 2018 where the company recorded a loss of four hundred and seven eight point eight million dollars.
In a media release this afternoon TSTT said to date, it has been plagued with a perennial problem of high employee costs.
It indicated that contrary to the assertions being bandied about in the public domain, of the seven hundred and sixty-eight million dollars annual wage bill, emoluments to Junior and Senior Staff comprise 82.3 percent.
The statement added that the company is also carrying a debt burden of one point eight billion dollars of which seven hundred million dollars pertains to the settlement of back pay to Junior and Senior Staff.
In addition, TSTT’s claimed that the employee cost is greater than thirty-percent of its revenue; the industry benchmark being fifteen percent.