Labour Minister Jennifer Baptiste-Primus says the appointment of a liquidator for ArcelorMittal’s assets in T&T means there is nothing more the Government can do for over 600 former workers of the company.
However, Baptiste-Primus promised there would never be another situation like ArcelorMittal’s in T&T again.
She made the comment at a Jobs Fair at the National Energy Skills Centre (NESC) in Point Lisas yesterday, following a meeting on Monday night between herself, ArcelorMittal’s managing director Robert Bellisle, the Steel Workers Union of T&T’s (SWUTT) executive and trustees of the workers’ pension plan, Republic Bank.
The meeting was held at the urging of SWUTT, as the union was concerned about the pension plan for the former workers.
“They (SWUTT) raised a number of issues with regards to their pension plan and the status of their pension plan. Following all discussions they were told the actuaries will have to purchase annuities from an insurance company,” Baptiste-Primus said.
“But the capital is so large they may have to take a consortium of insurance companies to purchase those annuities and that process will take a couple of months.”
Baptiste-Primus said the union also raised questions about their savings plan.
“In terms of the savings plan for the employees, that is with Unit Trust (Corporation). Bellisle agreed to contact Unit Trust and find out whether each employee has to submit an application for a refund of their savings or whether or not Unit Trust will just prepare cheques after the deduction of tax.”
She said she also learned that some former employees had housing plans via their pension plans. She said Bellisle promised to get back to her and also to pass on the information to SWUTT president Christopher Henry.
“I was informed last night there was a housing plan flowing out of the pension plans and there are a little under 50 workers who have house loans, house repair loans, mortgages; it does not look very good,” she said.
“I attempted to obtain a guarantee from the trustee of the pension plan to meet and treat with the workers in a humane way in terms of their loans and that guarantee could not be given.”
“In the final analysis what has happened to the workers of ArcelorMittal must never happen again in this country. Today, a liquidator was appointed and as such the years’ service that these workers have, they really have nothing for it except one month’s salary,” she said.
“The company has informed that they met the ruling of the Industrial Court that the workers won last month and they would have effected payment of that court award as well as the vacation leave of the workers on March 28.
“But it’s a sad day and I undertake as a matter of urgency to fast track and put as a priority the review, the amendment to the Companies Act, the Bankruptcy and Insolvency Act, the Retrenchment and Severance Benefits Act and the Industrial Act.”
Asked if Government could intervene at this point to assist workers, she said, “No, (not) outside of this expo.