Head of State Bharrat Jagdeo says that in the near future as Colonial Life Insurance Company (CLICO) Guyana shrinks, there will be more job losses.The President was responding to a query on the recent dismissal of several employees at the Company’s Head Office and two of its branches.According to the President, from what he has gathered thus far, the company’s volume of work was shrinking given that the company was not selling any more policies,Cheap NBA Store
, hence there was a need to cut the running cost of entity.He added that there was also a need to cut the wage bill for the company and ensure that it is managed on “shoe string budget so that more money could be diverted from administrative duties to policy holders”.The President said, “It may have to continue in the future as several of the activities come to an end…because some policies will come to an end and the volume of work will shrink further…Then some aspects of the company’s portfolio could be sold so that could lead to more job cuts.”In a dramatic turn of events on Wednesday, CLICO (Guyana) terminated the services of the majority of its staff members at its Head Office on Camp Street as well as all of the staffers at its branches on Lamaha Street and Irving Street,Stitched Jerseys
, which house agents for the company.There was a report that there would have been job cuts and that became a reality when the sacking started at the Head Office on Camp Street where the employees were called in one by one and given letters confirming that their services were no longer required.They were also informed that they would receive their salaries in two weeks’ time.A date for their benefits was yet to be determined.As it relates to the fate agents, head of Glen Agency, Lancelot Glen,Cheap NFL Jerseys China
, told media operatives that he was of the opinion that the relocation was only a strategic move to sever ties with them also.He said that Singh-Knight told them that the company was relocating the agents, given that it was too expensive to maintain that building but he posited that the accommodation proposed was in no way adequate to facilitate their jobs.Glen told media operatives that he was confused as it relates to the future of the company and was wondering whether to pay in the premiums that his clients have paid to him.His reasoning was that as agents they were paid on commission from premiums but ever since January they have not been paid. “They have been lying to us over and over….They probably taking this money (premiums paid) and filling some hole somewhere.”He added that the agents have always been assured that the company was solid, “and now when we do find out they don’t have money to do anything…is we who have to interact with the clients,Wholesale Jerseys Free Shipping
, not them…Wha we gun tell de people now?”Guarantee to policy holders“I am not going to speak publicly on that,” was the President’s response to how the government plans to effect the guarantee to CLICO Guyana policy holders.He did point out that the company will have to liquidate some of its assets to meet policy holders as far as possible.The President,Wholesale Authentic Jerseys
, however,NFL Jerseys Clearance
, added that there will be a remaining group that has a high concentration of large amounts of pension funds and an arrangement will have to be orchestrated to facilitate how that group will be repaid their principle.“Some of it would be immediate and some would, over a period of time, but none of the policy holders will lose.”He emphasized that the mechanism to effect the guarantee will have to be formulated following discussions with the large policy holders.The President did point out that he was hopeful that from the company’s liquidation of assets the small claims would be covered.