TSTT cuts 51 more employees

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    51 non-unionised TSTT employees were today retrenched, adding to the 503 workers cut last month.

    The company says in addition, via an out-of-court settlement, 77 workers eligible for VSEP offered in 2014 were facilitated and allowed to resign.

    TSTT said the cuts would result in savings of over 200 million dollars annually, bringing the company in line with employee benchmark costs, or 15 per cent of revenue.

    The company added it envisages no salary increases for the period 2014 to 2018.

    CEO Dr Ronald Walcott says that this organizational transformation is an absolute necessity for TSTT’s survival.