Petrotrin Press Release:
Today marks the end of Petrotrin’s operations and is an understandably difficult period for all of those affected. Consistent with its commitment, the Company has today disbursed $2.7 billion in exit and other payments to its employees.
The payments comprised $1.8 billion in termination packages; $201 million for outstanding vacation; $150 million for medical and other benefits; and $55 million in payments for outstanding promotions. All 3,400 permanent employees received exit payments and 1,229 or 55% of the company’s temporary workers received ex gratia payments.
Chairman Wilfred Espinet said: “This is a difficult time for all concerned and we hope that everyone affected is able to establish a positive and secure future for themselves.”
To avoid potential delays in disbursing the payments, Petrotrin has withheld the employees’ potential tax liability and placed these funds in escrow. The Company will remit the withheld funds once employees have satisfied the Board of Inland Revenue that their taxes are up-to-date.
Following the closure of operations, the Company will continue to ensure that affected persons and their families will have access to support services for the next six months – services will include stress management, change management and financial counseling.