Belco today announced it has implemented a pay freeze to avoid immediate redundancies.The company has also said it is seeking to defer an increase in its rates to help consumers during the recession.In a statement today, the company said: “Bermuda Electric Light Company Limited, (Belco) announced today that it applied to the Energy Commission to defer a previously approved 1.5 percent average increase in electricity rates, which would have been effective January 1, 2011.“The proposed electricity rate increase deferral is a corporate effort by Belco to assist its customers, as the Bermuda community experiences difficult effects of the economic downturn.“Indicative of the slow economy, Belco announced that it too is experiencing declining sales. Belco met with employees today and told them in order to delay immediate workforce redundancies, Belco has implemented a freeze on salary increases in 2011.“Belco is similarly seeking to negotiate a wage increase freeze for its unionised employees in an effort to delay other cost-containment measures, including temporary lay-offs, redundancies and outsourcing.“Belco also announced that a re-organization will take place in 2011, as management seek to reduce operating costs by changes to working arrangements and benefits.”President, Andrew Parsons said, “The next several months will require difficult decisions, as Belco manages down costs to enable long term operating benefits. Redundancy is not something we want to do, but it will be effected when required with a focus on the overall value of positions to our operation with a view of cost reductions.”