Antigua: Government Makes First Payment to LIAT Employees via Compassionate Bond

• The Government of Antigua and Barbuda announced that on January 2, the first instalment of the LIAT Employees Compassionate Payment Bond was transferred to BDO Eastern Caribbean, paving the way for the support and upliftment of eligible former LIAT employees.
• A release from the Office of the Prime Minister stated that this allows former LIAT workers stationed in Antigua to begin receiving payments toward their severance.
• The Compassionate Payment Bond, issued by the Government, is a 10-year bond valued at $16.72Mn with an annual interest rate of 2%. The bond addresses Antigua and Barbuda’s 32% share of the severance owed to 405 former employees of LIAT (1974) Ltd, reflecting the nation’s ownership share in the regional airline.
• The release further stated that the bond demonstrates the government’s commitment to the former LIAT employees and ensures some relief for those affected by the airline’s closure.
• “Former LIAT 1974 Ltd employees are advised to contact BDO Eastern Caribbean, the appointed escrow agent, to receive their payment. BDO is responsible for managing and distributing the bond payments to ensure a smooth and equitable process for all eligible recipients,” the communique added.
• It added that Prime Minister Gaston Browne made the announcement of the Compassionate Payment Bond late last year during his Budget Presentation in Parliament and that his “government’s intervention in addressing the concerns of the former LIAT workers will provide much-needed relief and demonstrates government’s dedication to fairness and justice, representing meaningful action on behalf of the affected workers”.

(Source: Antigua Observer)