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27/03/2009
Superquinn Agrees 'Survival' Redundancies
The independent food retailing chain, Superquinn is to tighten its belt and instigate a survival plan to secure the future of the stores.
However, an agreement between management and unions will result in nearly 400 redundancies.
Trade unions Mandate, Siptu and the Bakers, Food and Allied Workers' Union (BAFU) have admitted the deal included "some pain" for workers.
This will include a voluntary redundancy package that would see a total of 394 workers leave the company.
The redundancy package will pay four weeks' salary for each year of service with no cap. Workers will also now own 1.5% of the business through a formal profit-sharing scheme.
The unions and the company will set a budgeted net profit annually. When the company exceeds this profit, one third of the difference will be shared directly amongst Superquinn workers.
A pay pause for a provisional period of 12 months has also been agreed. At that point, the company and the unions will review Superquinn's financial position.
Some 3,000 members of the three trades unions were balloted on the deal and it was accepted by a "significant majority", they said.
The unions said in a statement the "highly innovative and progressive" deal could be "a blueprint for how partnership should work in difficult times".
(BMcC/JM)
However, an agreement between management and unions will result in nearly 400 redundancies.
Trade unions Mandate, Siptu and the Bakers, Food and Allied Workers' Union (BAFU) have admitted the deal included "some pain" for workers.
This will include a voluntary redundancy package that would see a total of 394 workers leave the company.
The redundancy package will pay four weeks' salary for each year of service with no cap. Workers will also now own 1.5% of the business through a formal profit-sharing scheme.
The unions and the company will set a budgeted net profit annually. When the company exceeds this profit, one third of the difference will be shared directly amongst Superquinn workers.
A pay pause for a provisional period of 12 months has also been agreed. At that point, the company and the unions will review Superquinn's financial position.
Some 3,000 members of the three trades unions were balloted on the deal and it was accepted by a "significant majority", they said.
The unions said in a statement the "highly innovative and progressive" deal could be "a blueprint for how partnership should work in difficult times".
(BMcC/JM)
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