EMPLOYEES of Aer Lingus can look forward to a "dividend" of £500 each from the company's return to profitability, as a result of an Employee Share Participation Scheme. The scheme is the first of its kind in an Irish semi state company and also the first, according to Mr Paul O'Sullivan of SIPTU, in an EU state airline.
Under the Cahill Plan it was agreed to set aside 10 per cent of the company's profits before tax and exceptional items to be shared out among employees who agreed to participate in the scheme.
This year the amount involved is £3.28 million, and about 6,000 employees in the airline and its TEAM subsidiary are thought to have signed up for the scheme.
Half of the £3.28 million will be distributed in the form of shares and half in cash. The share issue is funded out of profits and will continue each year until 5 per cent of the company's share capital, as of December 31st, 1995, has been distributed to the workforce.
The cash payout is also based on the other 5 per cent of the profits. Again there is a ceiling, £12.2 million in respect of last year.
Both the ESB and Telecom Eireann are to offer up to 5 per cent of their equity to employees under restructuring deals.
Welcoming the company's return to profitability, Mr O'Sullivan said this had resulted from the co operation of the workforce with the Cahill Plan.
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