Guysuco unable to account for $154 M of workers Credit Union contributions
A release from GAWU noted that the Society’s regrettable, but unavoidable decision is occasioned by GuySuco not remitting workers’ savings to the Credit Union and such a move is contrary to the agreement between the Credit Union and the Corporation.
The Credit Union Society of the Guyana Agricultural and General Workers Union has alleged that the Guyana Sugar Corporation (GuySuCo) has failed to account for over $154M of employees savings.
As a consequence the union has informed its members across the sugar industry that it has requested that the Corporation cease deductions from workers’ earnings and Credit Union savings with effect from week-ending May 30, 2015.
A release from GAWU noted that the Society’s regrettable, but unavoidable decision is occasioned by GuySuco not remitting workers’ savings to the Credit Union and such a move is contrary to the agreement between the Credit Union and the Corporation.
According to the statement, at the end of April 2015, the Corporation failed to provide a huge sum of over $154M which represents workers’ savings for five months.
“GuySuCo promised to the Credit Union some payments not later than the third week of this month (May, 2015) but same did not materialize.
The Credit Union is now unable to continue to facilitate savers’ withdrawals in the light of the non-payment of the workers’ savings by the Corporation in accordance with the relevant Agreement.”
It was noted that the Credit Union has taken consideration of the fact that it is now unable to secure further loans to satisfy savers’ withdrawals.
“The sad decision, if it is not urgently redressed by the Corporation will cause the jobs of the Credit Union’s employees to be in jeopardy. The Credit Union, therefore, looks forward to receiving as early as possible from the Corporation the workers’ outstanding savings so that its dependable services to thousands of sugar workers would resume as early as possible,” the statement added.
