Cabrera: Business sabotaging TT

“The obvious question which arises is how have our governments since independence been conducting economic analysis and economic planning without credible data on inequality?” Cabrera asked. He pointed out that The ILO has noted that current levels of inequality are an impediment to economic growth. He also spoke about the recent findings by the research organization KAIRI, illustrating growing poverty and inequality in Trinidad and Tobago.

Cabrera observed that the report indicated that almost 25 percent of the national population lives below the poverty level. “We know that education lifts people out of poverty, but we also know that secure employment lifts people out of poverty,” Cabrera said. “We also know that collective bargaining lifts people out of poverty; we also know that trade unions lift people out of poverty.” Cabrera added, “In Trinidad and Tobago today, social justice which is an objective in the national constitution, is threatened in a real way; is threatened in a big way by the existence of this significant amount of poverty.” Pointing out that the unions needed to take stock of available data on our local Labour Force he said they were forced to deal with a time lag in this respect. To reinforce his point, the BIGWU President noted that in the first quarter of 2016, approximately 641,900 persons comprised the labour force in Trinidad and Tobago.

He said the available data is showing that compared to the previous quarter, employment in males decreased by 1.2 percent while employment in females increased by one percent. The total unemployed, he said, stands at 24,100, an increase of 8.1 percent.

He said the unemployment rate has increased from 3.5 percent to 3.8 percent.

Cabrera also pointed out that in financing, insurance, real estate and business services 3,100 persons lost their jobs, representing a decrease of five percent. “We ought to be concerned that workers in the financial sector are among the hardest hit by unemployment,” Cabrera said. The BIGWU President also criticized businesses who, despite continued profits were taking action resulting in job losses.

“The common feature in all these cases is the flying of the flag of restructuring,” Cabrera observed.

“These employers have proven that as soon as they put restructuring on the table the real intent is retrenchment of as many as possible in the given circumstances.” Cabrera said Minister of Finance, Colm Imbert, held out in his Budget Statement the government’s intention to maintain employment levels. Cabrera said, however, there have been many instances where workers on contract have been terminated in various ministries. This led him to conclude there are elements in the private sector that are intent on sabotaging the economy.