The Telecommunications Services of Trinidad and Tobago says it had no option but to restructure to remain competitive.
It explains 468 employees received notices.
The company called the move urgent and critical.
In a media release on Tuesday, TSTT said of that figure, 403 employees, comprising a mix of junior and senior staff and estate police officers will each receive payment in lieu of the regulatory 45 days’ notice.
TSTT says this is in keeping with the collective agreements with their representative unions.
According to TSTT it was spurred by the economic conditions brought on by the Covid-19 pandemic and the drastic effect of changes in technology on the company’s operation and performance.
TSTT said in the financial year ended March 31st, 2021 its revenue fell by TT453 million dollars, 18 percent less than the prior year.
TSTT Chief Executive Officer, Lisa Agard, said we are moving to an operating model that is more in line with industry benchmarks and one that will enable us to adapt and evolve with the constant developments in technology.
TSTT said on January 17th , it invited its employee representative unions to consultations regarding the proposed restructuring and refinement of its operating \business model.
It said consultations with employees of the recognised majority unions, including the Communications Workers Union and the Estate Police Association, began on February 1st and were conducted in good faith and in line with industrial relations best practises.
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