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News : Irish Last Updated: Dec 19th, 2007 - 13:17:15

SIPTU celebrates Aer Lingus agreement to privatisation inducements
By Finfacts Team
Aug 4, 2006, 12:31

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Aer Lingus said today that it accepts recommendations from the Labour Court aimed at resolving the dispute over the planned privatisation of the airline.
SIPTU workers at the company have already voted for an all-out strike action if their demands about job security, employment conditions and pensions are not met.

Wednesday’s Labour Court recommendation, provides for a 4% wage increase in addition to the national pay agreement. 
Staff would be paid a 3.5% increase in wages from September 1 and another 0.5% rise from April 1 next year. 
The agreement also provides for significant improvements in long-service increments and death-in-service benefit. 

Almost 600 workers on fixed-term contracts would be made permanent, with an assurance that 85% of all ground staff were permanent. Any future redundancies would be on a voluntary basis.

Aer Lingus staff will receive lump sum payments of up to €4,400 depending on service and a new 7.5 per cent profit sharing scheme following the airline's flotation in the autumn.

The airline has agreed that up to 7.5 per cent of its profits each year will be transferred to the Employee Share Ownership Trust (Esot) to buy shares. This will ensure that the unions at the airline avoid having their stake diluted from its current 14.9 per cent. The Esot will also retain its full voting rights. 
SIPTU is expected to recommend acceptance of the recommendations. The company has conceded almost all their demands.

© Copyright 2007 by Finfacts.com

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