$70 mil payout expected for BPL VSEPs

Minister of Public Works Desmond Bannister.

More than $70 million will be paid out to Bahamas Power and Light (BPL) employees who were approved for the voluntary separation packages offered in an attempt to right-size the company.

Some 314 employees voluntarily agreed to separate and a portion of them will remain on contract with benefits until they are phased out.

Minister of Works Desmond Bannister said the process puts the company on better financial footing and funds saved will be significant.