Aer Lingus unions and the Government have agreed this evening on a deal on employee shareholding within the company.
It is understood that workers will be allowed to purchase up to 14.9 per cent of Aer Lingus for an Employee Share Option Plan (ESOP).
A request by unions for a larger shareholding was earlier rejected by the Government because of the precedent it would set across the semi-State sector.
Also understood to be on the table was a profit-sharing scheme - capped at £20 million - which could be capitalised in the event of privatisation.
Unions are seeking to incorporate a £5 million interest-free loan to buy back the five per cent of company shares currently privately held by employees.
Increased employee shareholding is one of the measures being offered in exchange by the company in return for nearly 2,000 redundancies.
Job cuts and changes in work practices are expected to bring the company £100 million in operational savings over three years.
Job cuts and changes in work practices are expected to bring the company £100 million in operational savings over three years.
This evening’s meeting is due to start at 5 p.m. with union sources hopefully of agreement being reached today.
