ESB Staff Agree to Pay Reduction
ESB employees have accepted payroll reductions. The pay reductions will save the company €280m by 2015.This amounts to the acceptance of a 20% payroll reduction per year.
The ESB has set out a programme that will see earning reductions and reductions in staff numbers. This deal has been struck by ESB management and the unions.
Payroll and wider cost reduction within the ESB will result in €280m in the ESB's cost base by 2015.
ESB Executive Director, Sustainability & HR, John Campion said: “I welcome the acceptance of these proposals and the commitment of staff and unions to this agreement. This will ensure that the company can continue to invest in national critical infrastructure while remaining competitive in electricity and gas markets”.
This is part of a wider ESB programme of restructuring and reform, which also lead to pension reforms at the company in 2010.