A new initiative which gives employees some form of financial participation in their employments needs to be introduced by the Government and employers as part of any new pay deal following partnership 2000, according to SIPTU.

The union's vice-president, Mr Des Geraghty, stressed yesterday the need for a more inclusive approach which recognises the interests of all stakeholders, including workers, in enterprises. He was speaking at a conference held yesterday in the European Foundation for the Improvement of Living and Working Conditions in Loughlinstown, Co Dublin and organised by the foundation and SIPTU.

"While adequate provision existed to look after the needs of other groups such as directors and management regarding financial participation, the absence of such measures when it comes to employees is no longer appropriate or equitable."

Mr Geraghty called for the development of a special tax package to facilitate the extension of share ownership, share purchase schemes, gain-sharing or profit-related bonuses for private, public and semi-state employments.

"It is clear now that workers want a combination of national pay increases with continuing reform of the taxation system plus opportunities to share in the rewards of their own enterprise."