State-owned oil and gas company Petrotrin said it remains conscious of its responsibility to retired workers who protested outside its Pointe-a-Pierre administration office on Thursday, for an increase in their pension fund.
The company said it also wants to ensure the long-term sustainability of the pension plan given the current economic challenges now being faced in this lower oil price environment.
In a statement issued on Thursday, following the protest, Petrotrin explained that the Petrotrin Employees Pension Plan is an independent fund operated by a trustee with oversight by a management committee. The committee includes company personnel and representatives of the Oilfields Workers’ Trade Union (OWTU).
The statement noted that Petrotrin approved a payment to retirees based on the triennial actuarial valuation for the period 2010- 2013. It said this was communicated to the OWTU but met with dissatisfaction.
On Thursday, members of the Petrotrin Retirees Association (PRA) protested in the scorching sun, calling on the company to pay them their 36-month pension increase.
Activist Frankie McGuire, 61, said over 4,000 pensioners are affected, but the majority could not participate in the protest because of failing health.
McGuire said: “There was an agreement with the union to get four per cent (increase) every three years but it depends on the actuaries. There was a meeting with the retirees, the actuaries, the union and company, they said no growth.”
He said there was a three per cent offer, which the retirees did not agree with, but accepted it because of the present situation. Now he said the company is unwilling to honour that commitment.
“We understand that the company don’t want to pay the three per cent that they agreed on from 2010 to 2013. They want to pay from 2011 to 2013 but the retirees are saying they rather dead than to accept no increase for 18 months. That is why we are here today, we understand the company is going ahead to make payments from 2011 to 2013 and we are telling Petrotrin rescind from doing that.”
He said their last increase was 2004 to 2007 which was paid in 2011.