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  • Speaker Of The House Signs MOU With FOPREL And SICA

    Friday, 07 September 2018 02:44
  • New International Flight Headed To Belize

    Friday, 07 September 2018 02:46
  • 224 Farmers Graduate From Farmers Field School

    Friday, 07 September 2018 03:09

moneyToday the government announced the authorization to the Accountant General to transfer the balance of 3.06 million dollars held in a Government Savings account to the trustees of the public sector workers trust including teachers whose annual increments were frozen during April 1st, 1995 to March 31st 1997.

For context, in 1995, GOB had agreed to give the Public Service Union and the National Teachers Union some 749,732 shares in Belize Telecommunications (now Belize Telemedia Ltd) as compensation for the suspension of annual increments of public officers and teachers during the fiscal period aforementioned. These shares say the release, continued earning dividends which were kept in a separate Government savings account in trust for the affected public officers and teachers.

The dividends earned on these shares since 2007 when the shares were transferred to the Unions, have been placed directly in a commercial bank account under the full control of the Unions. It is understood that the dividends earned on the shares during the period 2008 to 2013 amounted to some $2.04 million.

The unions have submitted a Trust Deed for the said purpose, which appoints four trustees including; Raymond Davis, Nadia Caliz, Philip Castillo and Enrique Iglesias as Trustees representing the Public Service Union, Belize National Teachers Union, Nurses Association of Belize, Belize Defence Force and the Belize Police Association.

The official release ends by noting that “with the Trust now established and fully funded, it is expected that the Trust will become operational in the very near future.”

The government of Belize is encouraging all public officers, teachers and open vote workers (including those who have since retired) whose increments were frozen during the period 1995 to 1997 to contact the Trustees for further information about the benefits payable to them.

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