In an effort to weather the financial storm brought on by the coronavirus, the Guyana Telephone and Telegraph (GTT) has announced that it will be temporarily cutting salaries starting at the Executive level.
Commenting on this “necessary move for survival”, GTT’s Chief Executive Officer (CEO), Justin Nedd said, “This unprecedented situation is already having a severe financial impact on the business and we are just at the beginning. In a bid to ensure continued service provision and with an aim to retain staff members for as long as possible, we had to make the tough call to collectively take salary cuts.”
Nedd said that staff members will receive their full salaries in April and 90% of their salaries for the remainder of 2020 for those at work. For those who were unable to be reassigned and will be at home, Guyana Standard understands that they will receive 60% of their salary. The CEO said that executives will take a larger percentage cut. It was further noted that the decision was understood and agreed to by staff, the union and the Department of Labour and will be revisited at the end of May for re-evaluation.
“Our focus is to ensure that people have money in their pockets to feed their families – while staying employed,” said Nedd.
In the past few weeks, GTT said it has taken several measures to support the call for physical distancing, including the closure of its retail outlets. The company said that its actions have been in the interest of the health and well-being of its customers and staff – with online options for bill payment provided.