IPTV, Internet and telephony operator TSTT of Trinidad and Tobago announced the dismissal of 503 unionized workers. This means a “turning point” for the company, said CEO Ronald Walcott, who considered this measure “vital to the survival of the company.”
The job cuts will not end here, since it is estimated that the next layoffs will be for non-unionized employees, including those at the executive level. TSTT is owned by the Government of Trinidad and Tobago 51% and Cable & Wireless 49%.
In a statement, TSTT argued on the company’s difficult financial situation and the high cost of its employees, reporting that they represent more than 30% of the company’s revenue when the industry benchmark is 15%. “In the previous year, TSTT recorded an operating loss of USD 4.9 million,” said Walcott.