PM: Extra $50,000 for ex-workers

WORKERS terminated from Petrotrin will typically each get an extra $50,000 on their severance pay package, the Prime Minister last night told the House of Representatives as it debated a bill to vest the company’s assets into successor firms. Dr Rowley said Finance Minister Colm Imbert has raised the untaxed portion of the severance packages from an initial figure of $300,000 up to $500,000. The change will cost the country an extra $150 million, he said, leading to a total severance package to all Petrotrin workers of $2.7 billion.

Employee stock-ownership in Heritage Petroleum Company will also be offered to workers, he said. Rowley hit the Opposition for painting a picture of ex-workers being turfed out into the street, when in fact they will collect $2.7 billion. “A number of families will be far better off, because they’ll get a big cheque.” He trumpeted that older workers near retirement will get an earlier retirement.