The section of the 2010 Labour Code relating to workers’ retirement benefits is in effect and should be heeded, officials said last week. Section 111 of the code requires each employer to make provisions for “retirement benefits to be paid to his or her permanent employees by means of a pension scheme, an annuity, provident fund or other form of retirement scheme, which may be contributory.” The section further outlines the plan’s requirements. According to a press release, Labour Commissioner Oleanvine Maynard said the Labour Department is “expecting the cooperation of all concerned with the implementation of a pension plan for its employees.”
The parent company of telecommunications provider LIME said last week that it has completed the management takeover of the Bahamas Telecommunications Company. Cable & Wireless Communications Plc acquired the 51 percent stake in BTC for $210 million, according to a LIME press release. CWC now owns 14 business units in the Caribbean, the release stated.
Regional airline LIAT will close its airport ticket offices in order to cut costs and change the airline’s business model, officials said. The company will instead focus on selling tickets through the Internet and over the phone, according to a company press release. The closures will result in an estimated $1.1 million savings each year, the release stated.