Employees of Bahamas Power and Light (BPL) have until 4:00 p.m. on June 8 to submit their applications for the voluntary separation packages (VSEP) currently being offered.
The payouts are part of the state-run power company’s plan to downsize.
During the morning session in the House of Assembly (HOA) last week, Public Works Minister Desmond Bannister moved a motion for a resolution that would allow BPL to borrow up to $211 million dollars, to pay off existing debts and to assist with VSEP payouts.
The newly proposed package is separated into six categories, with payouts determined by the number of years an employee has been employed.
Employees will be eligible for base pay up to five weeks for years served, and can be prorated to a maximum of 98 weeks.
Aside from the payout, employees will receive $3,000 towards private medical coverage, and a $1,000 contribution towards retraining.
Packages will be offered at the sole discretion of BPL’s management, the minister said.
The payout plan follows threats from BPL’s managerial and line staff to take industrial action, but Bannister said, he was happy government was able to reach an agreement with both unions before any action.