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20 retirees to drain CPA finances
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Posted on Jan 22 2005
Some 20 airport and seaport employees are expected to dig into the Commonwealth Ports Authority’s finances when they retire this year.
Connie Igisomar, chairwoman of the CPA board of directors’ personnel committee, revealed on Friday that at least 20 employees will be entitled to a 30-percent salary bonus when they retire from government service this year.
Igisomar raised concern that this could cause a financial drain on the ports authority, which has been operating under a stringent cost-cutting program to meet debt coverage requirements.
“There’s no issue about paying these employees retirement bonus because the law requires it, but do we have the money to do that?” Igisomar said during a board meeting yesterday.
CPA executive director Carlos Salas said management has yet to look at the matter. He explained that the retirements are not expected to affect the current budget, as the employees are not likely to file for retirement until December.
The current fiscal year ends on Sept. 30.
“We don’t anticipate anyone to make the decision to retire until December, unless they have remote reasons to do so. We will budget the retirement bonuses for FY 2006,” he said.
Salas added, however, that management will be asking the board to approve a supplemental budget if any employees file for retirement within the fiscal year.
In related news, the CPA board of directors appointed Lee Cabrera as the new manager of the Port of Saipan. Cabrera, the deputy port manager, is replacing Antonio Cabrera, who retired effective Dec. 31.
“I would like to thank the board for your confidence,” Cabrera said.
The board also renewed the employment of CPA staff engineer Juan R. Sablan.
