T&T National Gas Company freezes salaries

(Trinidad Express) Low energy prices have forced the National Gas Company (NGC) to freeze all salaries and benefits to staff for the rest of 2015 and 2016.

It will also cut bonuses.

In a memo sent to all staff of the NGC and its subsidiaries—National Energy (NE), Phoenix Park Gas Processors Limited (PPGPL), and NGC CNG—on November 16, the company said it has been impacted by low commodity prices.

Furthermore, the NGC expects this to continue “into the foreseeable future, resulting in significantly lower revenues and earnings; much lower than have been experienced over the past five years”.

This will impact about 1,500 employees. Comparatively, the NGC noted: “Across the industry, 55,000 people have been displaced.”