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The Government of Antigua and Barbuda announced late last night that the initial payment from the LIAT Employees Compassionate Payment Bond has been transferred to BDO Eastern Caribbean for distribution to eligible former LIAT employees.<\/p>\n
This means that former workers based in Antigua will soon begin receiving payments as part of their severance package.<\/p>\n
The Compassionate Payment Bond, issued by the government, is a 10-year bond worth $16.72 million, carrying an annual interest rate of 2%. This bond addresses the 32% share of severance owed to 405 former employees of LIAT (1974) Ltd., reflecting Antigua and Barbuda\u2019s ownership stake in the regional airline.<\/p>\n
This initiative underscores the Government’s commitment to the former LIAT employees and provides some relief for those impacted by the airline\u2019s closure. Former employees of LIAT 1974 Ltd. are encouraged to contact BDO Eastern Caribbean, the designated escrow agent, to receive their payments.<\/p>\n
BDO is tasked with managing and distributing the bond payments, ensuring a fair and efficient process for all eligible individuals. Earlier, in his Budget Presentation in Parliament on December 5, Prime Minister Gaston Browne announced the Compassionate Payment Bond, emphasizing that his government’s efforts to address the issues faced by former LIAT employees would deliver much-needed support and reflect their commitment to fairness and justice on behalf of the affected workers.<\/p>\n
Governments in Barbados and St. Lucia have taken proactive measures by providing financial support to workers impacted by recent developments. The principal shareholders of the Antigua-based airline, which entered administration in July 2020 due to escalating debt and the adverse effects of the COVID-19 pandemic, consist of Antigua and Barbuda, Barbados, Dominica, and St. Vincent and the Grenadines.<\/p>\n
Before entering administration, LIAT was actively servicing numerous regional destinations.<\/p>\n
LIAT 1974 Ltd has been liquidated with a new airline named LIAT20 operating the said routes.<\/p>\n","protected":false},"excerpt":{"rendered":"The Government of Antigua and Barbuda announced late last night that the initial payment from the LIAT Employees Compassionate Payment Bond has been transferred to BDO Eastern Caribbean for distribution to eligible former LIAT employees. This means that former workers…","protected":false},"author":13,"featured_media":334847,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_cbd_carousel_blocks":"[]","footnotes":""},"categories":[272,235,9,14],"tags":[],"class_list":["post-334845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aviation","category-homepage-carousel","category-news","category-regional"],"acf":[],"yoast_head":"\n