Local Trust company lays off 15 workers!
It is this news site’s understanding that TMF, with its headquarters in London, England, had over the years acquired two other Trust Companies- Commonwealth and Equity Trusts, which could have also contributed to the downsizing and laying off of local employees.
There are reports also that the company, because of the downsizing, has allegedly outsourced some of the jobs to Sri Lanka.
Calls to the Labour Department as to whether there have been formal complaints from former employees of TMF or if work permits are still being approved for TMF were not immediately addressed. The Labour Department told this news site that our request for that information will have to “be placed in writing.”
However, a source within TMF has told this news site that all employees who were laid off have received very generous packages from the company, including their insurance that they still have until they find new employment or can be taken to the new employer. The value of these packages were not immediately known.
The local manager of the company, Mrs. Linda Romney Leue, could not be reached for comments as of press time.
This news site is also working on other stories of major layoffs since last year, including by a telecommunications giant and another major Trust company as well as many local businesses that have closed their doors within the past 11 months.
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37 Responses to “Local Trust company lays off 15 workers!”
You got time with that fool. I guess he didn't read the part where it said TMF has its headquarters in London, therefore that's where decisions are being made. Do you thin only TMF BVI was affected? It's being done globally as a part of their restructuring. They will surely save money by moving the jobs overseas, but it will negatively impact the BVI in it's already stagnated economy. This is why we should be thankful for our jobs and not complain about anything. Labor cannot stop a multi-national company with a branch in BVI from closing down and laying off, as long as they provide severance in accordance with Labor Laws. No Government, nowhere in the world can dictate who a private company can hire or fire.
To your statement that "all employees who were laid off have received very generous packages from the company"
IS NOT TRUE.
They recieved exactly the minimum that TMF could pay according to labour code and employee contract, nothing more.
The funny thing about is they laying off people and not telling them this is whats happening! people are going o work everyday wondering if they are going to get layed off today! that is scary! many with children! and they say this is not it. Almost the whole office is gonna get layed off. Which is like 30 more persons!
What can they really do?
send the expats home, they are taking out jobs and out husbands!!!!!