The Cable Bahamas Group of Companies announced in a statement yesterday that almost 80 Rev employees and 20 Aliv employees have been let go from the company as a result of the economic impact of the coronavirus (COVID-19) outbreak in The Bahamas. The statement explained that the move was a difficult choice for the company. Executives of the company also took voluntary pay cuts.
Chief Executive Officer of the Cable Bahamas Group of Companies Franklyn Butler II made employees of Rev and Aliv aware in March that the economic downturn caused by COVID-19 would likely affect their operations.
His revelation was unfortunately brought to bear in a statement yesterday.
“Today I wish to confirm that we have notified 76 associates from Rev and another 20 in Aliv that they have been laid off,” Butler said in the statement.
“This has been a very difficult decision to make, both for myself and the executive leadership team, but it is necessary in order for us to meet the demands of the business, both now and in the future.
“Staff who are laid off will receive up to 12 weeks’ unemployment benefit from NIB, which the company has agreed to advance to all impacted employees,” Butler said.
“In addition to NIB unemployment benefits, the company will continue to cover the full costs of medical coverage for all eligible, laid off employees as well as their contributions and the companies’ contributions to the pension plan.”
The statement added: “The leadership team of the only 100 percent Bahamian telecommunications provider in the country took their personal commitment a step further, with executives taking voluntary pay cuts to mitigate the financial blow of the layoffs for affected persons.”
According to Butler, those cuts amounted to $200,000 in savings to the company, that will be directed to an employee fund.
“This employee fund will be used to augment any benefits received from NIB,” the statement revealed.
“Therefore, all laid off employees will receive an additional $400 every pay period as a gift to assist with their basic needs during the full layoff period.”
Butler ensured staff that the company will eventually return to pre-COVID-19 operability.
“Great companies led by great people, birth their preeminence in these moments,” he said.
“The God who has been with us on the mountain is the same God who will sustain us in this valley experience. Please continue to engage with us via our social media pages and let us all continue to pray for a swift recovery for our country and our business.”