The rev­e­la­tion that em­ploy­ees of ma­jor­i­ty State-owned com­pa­ny TSTT who are to be re­trenched by the com­pa­ny will on av­er­age re­ceive be­tween $1.1 mil­lion and $1.3 mil­lion is not go­ing down well with the Com­mu­ni­ca­tion Work­ers’ Union.

The Sun­day Busi­ness Guardian was ex­clu­sive­ly in­formed that the cost of the re­trench­ment to TSTT will be close to $500 mil­lion.

The com­pa­ny would nei­ther con­firm nor de­ny the in­for­ma­tion, in­stead point­ing to a pre­vi­ous re­lease that sug­gest­ed that it was not pre­pared to go in­to de­tail in pub­lic about the na­ture of the ne­go­ti­a­tions with the work­ers rep­re­sen­ta­tive unions.

In a state­ment is­sued to­day the CWU ac­cused the com­pa­ny of plac­ing a “tar­get” on the backs of em­ploy­ees by "sub­mit­ting a mis­lead­ing ar­ti­cle to gain pub­lic scruti­ny and an­i­mos­i­ty against TSTT em­ploy­ees."

"This ar­ti­cle is be­ing con­demned by the CWU and viewed as ir­re­spon­si­ble, reck­less, and des­per­ate by the com­pa­ny in its con­cert­ed ef­forts to project a case for re­trench­ment.

"The on­ly 'TSTT mil­lion­aires' are the past and present ex­ec­u­tives of the com­pa­ny. TSTT work­ers are the ones who at times strug­gle to make ends meet with mort­gages and car in­stall­ments with salaries way be­low these Ex­ec­u­tives. This des­per­ate move to have this nar­ra­tive in the pub­lic do­main is con­vinc­ing­ly re­fut­ed and con­demned by the CWU," the union said.

The CWU al­so ac­cused TSTT of mis­man­age­ment, pur­port­ing that this con­tin­ues to be the core of the is­sue at hand.

Ac­cord­ing to TSTT for the fi­nan­cial year end­ed March 31, 2021 its rev­enue fell by $453 mil­lion com­pared to the pre­vi­ous year.