28 June 2001 Edition
Ipsat workers target pension fund
``The gloves are off and we are going to do everything we can to benefit the plants workers''. This was the promise from Joe O'Flynn, SIPTU regional secretary, after the Ipsat International steel company rejected the trade union rescue package for the Cobh steel plant.
Unions had last week made further concessions on forgoing wage increases and agreeing to redundancies at the company. Workers had offered to invest 10% of their wages into the company.
Ipsat is the eighth largest steel producer in the world and had bought the Cork plant for the nominal sum of £1 in 1996 with the promise to invest £30 million over five years.
Irish Ipsat workers have now targeted the £9 million surplus in the company's pension fund. They want this money to be included in their redundancy package.
Mary Harney has said it is a priority for the government to ensure the availability of alternative employment. A goodwill gesture would be to ensure the workers got the redundancy package they clearly deserve.
Unions had last week made further concessions on forgoing wage increases and agreeing to redundancies at the company. Workers had offered to invest 10% of their wages into the company.
Ipsat is the eighth largest steel producer in the world and had bought the Cork plant for the nominal sum of £1 in 1996 with the promise to invest £30 million over five years.
Irish Ipsat workers have now targeted the £9 million surplus in the company's pension fund. They want this money to be included in their redundancy package.
Mary Harney has said it is a priority for the government to ensure the availability of alternative employment. A goodwill gesture would be to ensure the workers got the redundancy package they clearly deserve.