Dear Editor,
Please allow me to point out some important questions regarding the recent news that Scotiabank will be taken over by a new banking company.
It is really difficult to predict if this is a good thing for the island and its citizens or not. History has proven over and over again that our overly-lenient labour laws often cause the citizens of this country to receive the short end of the stick. Scotiabank had been planning to minimize its staff for some time now. The question is if the overseas company will also continue with these plans?
My concerns with regard to the employees are the following:
In cases like this, the operation departments are often managed from abroad. Will local employees make up the majority of the staff? Will the top positions be offered to foreign labourers? Will local employees be retrained for their current functions or trained for a higher function to meet the new company’s standard?
Will pension benefits of senior staffers, and other rights such as pension be respected? Will a pay-out option be presented to those who opt for that? Is job security being offered, or will employees be terminated and then expected to sign new contracts with the new owners?
Another point I would like to address is how customers’ assets will be dealt with. What happens if the new bank wants to come in and change previous agreements made with clients? Will clients be left in a difficult position?
I am really curious to know what agreements will be adhered to by the new owners in order to protect our local staff and the clients. The answers to the above questions will determine if there is a smooth transition ahead for a large number of employees and customers on the island!
It is very important that the points above be properly structured and thought through. We cannot allow another group of employees or clients of the bank to be left out in the cold, especially now in one of the most difficult times in the history of Sint Maarten.
I really hope for all stakeholders involved that this will not be another Pelican Saga or Cable TV situation. Hopefully the decision makers will place the best interest of the employees, customers and Sint Maarten at the forefront.
In addition, I hope the decision makers with the power to make or influence legislative changes to our out-dated labour laws do the right thing (Do your job!!!). It is evident over the years that there is an urgency to make these changes now due to the frequency that this is happening and the negative impact it is having on our labour force and their families.
Richinel Brug
