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Public Sector Workers’ Trust moves ahead with projects for beneficiaries

The Public Sector Workers’ Trust is moving ahead with projects for its beneficiaries. We’re talking about those public officers whose salaries and increments were frozen by the Manuel Esquivel administration between 1995 and 1997. Since then, the PSU and BNTU negotiated with the Government for compensation and those workers were offered some 480,000 “B” shares in BTL. In the ensuing years, dividends were not paid on those shares and instead the public officers and teachers got more shares in the company. Government eventually released the funds it had in savings and the trust deed was inked to make the trust operational. However, a group of those affected public sector workers wanted out. However, Dr. Philip Castillo, a trustee, explained that thus far, a cash-out option is not being considered. 

And while there’s no physical money being provided to beneficiaries as a one-off payment, the trust is undertaking projects, particularly for those officers, who are now older and require medical care.

The trustees include Marvin Blades, Nadia Caliz, Simon Arana and Dr. Philip Castillo.