News

Grenada. President of Caribbean Congress of Labour CCL, Senator the Hon. Comrade David Massiah and CCL General Secretary the Hon. Comrade Chester Humphrey are in Grenada lobbying the Heads of Governments of CARICOM on the urgent need to set up a "Re-Capitalisation Fund" to rescue the insolvent BAICO and the financially troubled CLICO.



The CCL readily responded to an initiative from its Grenadian affiliate, Grenada Trade Union Congress GTUC who mounted a picket of placard bearing petitioners consisting of workers led by local trade Unions expressing grave anxiety over losses of Pension Fund investments, Health Insurance and short term CDs investments, property and Life Insurance with the British American Insurance Company.



The collapse of BAICO has affected some 33,000 policy holders in the East Caribbean Currency Union who, together face the loss of over US$500M. In its letter of appeal addressed to the CARICOM Heads the CCL lamented in part "...The Caribbean Congress of Labour is gravely concerned about the fact that the lives of thousands of Caribbean workers have been directly affected by the collapse of British American Insurance Company. Many who are in receipt of their pensions have had their pensions stopped, while many more future pensioners are facing a grim retirement; others have had to forgo life threatening medical issues and hundreds of ordinary working, people can't be paid or recover their short term investments. "The appeal continued further to say that, "...We therefore call upon the Heads of Governments of Caricom to elevate the issue of these two Companies to that of a Regional Crisis necessitating a regional response.'



'In that regard, re-capitalisation of BAICO and the stabilisation of CLICO through the necessary financial injection and re-organisation must be urgently undertaken." Both Senators, leaders of UNI Caribbean Unions were invited to address the CARICOM Heads and made a passionate plea on behalf of the Caribbean Labour Movement.



The full statement by CCL will be subsequently circulated. Meanwhile side meetings were held with several of the Region's Prime Ministers who expressed empathy with the CCL and affected workers.



Chester Humphrey,

General Secretary CCL





Contact: joanne.defreitas@uniglobalunion.org