A deal has been reached on the Employee Share Option Plan at Aer Lingus. This should clear the way for balloting on the company's survival plan.
The deal, which is expected to be confirmed by the Government tonight, allows employees to acquire up to 14.9% of the airline. It will also allow them to partake in a profit-share scheme worth up to a maximum of £20 million.
The finance needed to purchase the 4.7% of the airline granted to individual staff members under the Cahill Plan will come from the airline over the next three years.
The unions, in return, have agreed not to seek a retrospective payment under the PPF which the airline has said it cannot afford to pay.
SIPTU is to ballot their members separately on the ESOP proposal. IMPACT has said that they will now start balloting their members from tomorrow.
Management at Aer Lingus has welcomed the breakthrough.
The Aer Lingus ESOP plan has been welcomed by the Minister for Public Enterprise Mary O'Rourke. Mrs O'Rourke said that it "provides an opportunity for Aer Lingus to face the future with renewed confidence".
