Aer Lingus Reluctantly Agrees To Improve Payments To Personnel
Published on Jun 27 2014 1:39 PM in General Industry
Aer Lingus has “reluctantly” accepted a proposition made by the Government-appointed expert panel to improve payments to serving personnel. The airline announced that it has agreed to increase...
Aer Lingus has “reluctantly” accepted a proposition made by the Government-appointed expert panel to improve payments to serving personnel. The airline announced that it has agreed to increase its proposed capital input into new pension arrangements for serving personnel from €110million to €146.7million. Chief executive Christoph Mueller said it had decided to comply with the panel’s recommendation as it was “the only solution that is capable of acceptance by all the parties.” "The aggregate effect of the variations recommended by the Expert Panel and discussed with the IASS Trustee is to increase the total once-off payment to be made by the company from €140m to approximately €191m, in addition to implementation costs,” Aer Lingus said in a statement. "Aer Lingus reluctantly accept the increase in payment recommended by the Expert Panel on the basis that the panel's report represents a full and final solution capable of acceptance by all the parties and would definitively address the funding issues in the IASS," the company said in a statement. "In addition, the recommendations would place pension provision for current and former employees on a significantly improved and more stable footing than would otherwise be the case if the Scheme were to be wound up in the absence of an agreed solution," it added.