Government Issues First Payment on LIAT Employees Compassionate Payment Bond
The Government of Antigua and Barbuda today that the first installment of the LIAT Employees Compassionate Payment Bond has been transferred to BDO Eastern Caribbean for distribution to the eligible former LIAT employees.
This allows former LIAT workers who were stationed in Antigua to begin receiving payments toward their severance.
The Compassionate Payment Bond, issued by the Government, is a 10-year bond valued at $16.72 million with an annual interest rate of 2%.
This bond addresses Antigua and Barbuda’s 32% share of the severance owed to 405 former LIAT (1974) Ltd. employees, reflecting the nation’s ownership share in the regional airline.
This bond further demonstrates the Government’s commitment to the former LIAT employees and ensures a measure of relief for those affected by the airline’s closure.
Former LIAT 1974 Ltd. employees are advised to contact BDO Eastern Caribbean, the appointed escrow agent, to receive their payment. BDO is responsible for managing and distributing the bond payments to ensure a smooth and equitable process for all eligible recipients.
Prime Minister Gaston Browne late last year during his Budget Presentation in Parliament on 5th December, made the announcement of the Compassionate Payment Bond noting that his “government’s intervention in addressing the concerns of the former LIAT workers will provide much-needed relief and demonstrates government’s dedication to fairness and justice, representing meaningful action on behalf of the affected workers.”
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