NASSAU, BAHAMAS — The Cable Bahamas Group today announced that it will temporarily lay-off 96 employees in response to the economic fall-out from the COVID-19 global pandemic.
Franklyn Butler II, CEO of the Cable Bahamas Group of Companies informed the team of more than 700 staff, of the layoffs in response to the economic fallout caused by the COVID-19 global pandemic.
Butler cited the closure of several major hotels as an indication of the economic times ahead and explained that the company had to make some difficult choices in the interest of its long-term survival.
Butler said: “Today I wish to confirm that we have notified 76 associates from REV and another 20 in ALIV that they have been laid off. 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.”
According to the statement, both the Minister of Labour and all employees of the Cable Bahamas Group of Companies were advised that serious downsizing measures were imminent on March 23.
While lamenting having to implement the layoffs, Butler reassured the team of the Company’s commitment to their financial well-being during these uncertain times.
“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,” he 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 leadership team of the only 100 per cent 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.
Butler said: “I further wish to advise that the executives of the company have all agreed to take pay cuts over the lay-off period and have contributed in excess of $200,000 directly from reductions in salaries towards an employee fund.
“This employee fund will be used to augment any benefits received from NIB. 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 implored team members to look with faith and optimism toward the future of both the company and The Bahamas at-large.
“Great companies led by great people, birth their preeminence in these moments. I therefore, invite each of you to this RE-birth of REV and ALIV which will only be proven if we lead the RE-birth of our country.
He continued: “I wish to assure those impacted that this is not the end. This is not the time to allow hopelessness and despair to set in. 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.”