Former ArcelorMittal workers are currently engaged in a stand-in protest at Republic Bank’s Park Street, Port-of-Spain branch, in protest over an alleged plan by the bank to convert their pensions to an annuity plan.
According to the workers, who were all attached to the Steel Workers’ Union before the steel giant company closed its door in 2016, they turned up at the bank on Wednesday morning seeking to get their money only to be told of the planned action by the bank. However, they said they wanted their pension payout, said to be $16.5 million and refused to leave after security asked them to until they saw one of the bank’s managers.
The workers turned up at the bank on the exact anniversary date of the closure of the company here in Trinidad.
ArcelorMittal, the world’s largest steel-making company, closed its doors in T&T on March 11, 2016, citing incurring losses since 2009 and a then debt of TT$1.3 billion (US$198.6 million). Some 644 workers lost their jobs at the time.
More on this story as information comes to hand.