Friday 15 February, 2019

Petrotrin assures pension payment for retrenched staff

Petrotrin is seeking to allay fears surrounding the payment of pension to the 5000 employees expected to be terminated on Friday.

This comes as OWTU President General Ancel Roget, in a media conference held on Tuesday, said there were concerns surrounding the payment owed to retrenched staff.

“We were told by the Chairman in the meeting yesterday not to worry, that he is in discussion with the trustees and he is also sourcing funds which funds will come, or the guarantee, will come from the shareholders and the shareholders are the Government of Trinidad and Tobago.”

“You could very well find a situation that Friday comes, November the 30th comes, and they send all the workers home but what they guarantee is not in place.”

In a statement issued on Wednesday, Petrotrin responded saying it has been holding talks with Republic Bank on the Petrotrin Employee Pension Plan (PEPP) and are working towards a resolution of all the issues.

Petrotrin’s Chairman Wilfred Espinet said, “We have been speaking with the Trustees (Republic Bank) and we will resolve all of the issues in time. As the sponsors of the plan, we are committed to ensuring that the plan meets its members’ obligations.”

The cessation of Petrotrin’s operations on November 30 has meant that the PEPP will become a closed plan. The closure of any plan would, inevitably, raise the question of long-term funding, as there would be no new monies (through employee and sponsor contributions) going into the pension fund.

While Petrotrin will cease operations on Friday, the Company will continue to exist as a legal entity to address legacy issues, including the PEPP.

Petrotrin is now a wholly owned subsidiary of Trinidad Petroleum Holdings Company Limited (TPHCL) which is 100 percent owned by corporation sole.

 

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