“Salary cuts ensure that no one is terminated,” explains Port of Belize

Published by BBN Staff at June 8, 2020

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Posted: Monday, June 8, 2020. 4:32 pm CST.

By BBN Staff: Today, the Port of Belize Limited explained that it is implementing austerity measures in light of the economic impact of COVID-19, to ensure that the port continues to operate without having to terminate any of its staff members.

The Port noted that COVID-19 has caused economies worldwide to decline and Belize is no exception, noting that the port has seen considerable reductions in container volumes. To cope with the shortfall in revenue the Port is implementing a temporary salary reduction (six months) for all staff including port executives, management, and the receiver. The salary reductions range from 20 percent for executives and senior managers to 15 percent for middle management.

“This was a difficult decision,” explained Port Receiver Arturo Vasquez, “and we understand the impact this will have on the staff and their families. We found this solution to be the best alternative when we keep equity as the guiding principle and this allows all 150 team members to remain fully employed and retain the ability to take care of their families.”

The Port also noted that, with the decrease in vessel activity, stevedores have already seen a downturn in earnings and will not be impacted by these additional austerity measures.

The Port’s executive team is committed to continuously monitor the company’s finances and will re-evaluate the salary reduction decision every three months. The Port also committed to reverting salaries back to their previous levels once the economy has rebounded.

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