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TWO HUNDRED AND fifty workers at the maker of Jameson whiskey are set to receive an annual cash payment of €4,700 to compensate for any potential losses over changes to a company profit share scheme.
This follows a Labour Court recommendation endorsing the proposal by Irish Distillers Ltd to make the €4,700 cash payment to 250 workers at various grades as part of a dispute resolution between Irish Distillers and Connect trade union over the profit share, reward and benefits scheme.
In the recommendation, Labour Court deputy chairwoman, Louise O’Donnell rejected a submission from Connect that the €4,700 be made available to new employees along with existing workers.
Ms O’Donnell stated that the €4,700 is to compensate existing staff for any potential losses that might arise from the change to the Profit Share Scheme “and therefore there is no basis for extending it to new employees who commence work after the date of this recommendation”.
Irish Distillers was not agreeable to also making the cash payment to new staff and told the Labour Court that what was on offer was a good proposal for all staff.
Irish Distillers is the producer of some of the world’s most well-known and successful Irish whiskeys, including the world’s best-selling Irish whiskey, Jameson.
As part of their claim, Connect was also seeking an increase in the “Upside Element” in the profit sharing scheme.
The core profit share element is to be based on the existing profit share formula, with a maximum payment of €8,000 to each worker.
At the Labour Court hearing, Irish Distillers submitted that that they were prepared to increase the upside value of the profit sharing scheme from €150 to €175 for each 1pc achievement in global net sales, on condition that the upside payment would be applied to a maximum of 3pc of overachievement in any one year.
Connect told the Labour Court hearing that this fell short of their expectations and that the company’s original proposal in November 2022 had a monetary value of €300 per 1pc of global net sales, albeit some of the other elements of the package were also different.
However, the Irish Distillers proposal to increase the upside element to €175 each was also endorsed by Ms O’Donnell as part of the Labour Court recommendation.
The Labour Court recommendation also includes an annual health benefit allowance of €1,300 as agreed by a working group and on holiday benefits, the minimum holiday entitlement to increase by three days from the date of joining and 27 days holidays once 10 years’ service has been achieved as agreed by the working group.
The deal also includes Christmas Eve as an additional company paid holiday as agreed by the working group.
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Profits being redistributed back to the workers who made them? Socialism I tell ya. The capitalist who doesn’t work should keep those profits
@F1rYnpWc: profit share schemes are pretty common in France, and of course lots of multinational companies have share purchase schemes, and/or share options and other stock based comp…
@F1rYnpWc: Its brilliant really, everyones a winner as they say. Provided peopl keep buy whiskey which they will, we (the Irish) are desperately unrepresented in the global market, maybe you find Jamison in an eastern airport, but Scotch is king, Burbon, see lots of Japanese whiskey… Irish is the best too (imo)
@F1rYnpWc: The Capitalist who doesn’t work? You’ve obviously never run a business because it’s quite clear you don’t know what you’re talking about
@F1rYnpWc: Supply and demand, this is the epitome of capitalism, there are no stocks in socialism and a business is not forced to offer stock options,m they do to attract workers because guess what, there is a shortage and if you own a business, then you do all the work, you drive all the trucks, you make all the whiskey, gallon your own, but if you hire people, then make it attractive for them to work for you or they’ll go someplace else. Your thinking is more on the oligarch side, if so, then go to Russia.
@J Ven: Can nobody tell that his tongue was fairly well stuck in his cheek? Nobody is forced to do anything in a socialist political system, but there is quite a bit of regulation. Employees having some ownership of the business is one of the ideological aims to ensure that everyone benefits equally from their endeavours.
@Paul Ennis: Is it a capitalist ideology tho? Cadbury had similar ideas in the UK 100′s of years ago, maybe Don Vultaggio aswell? (Arizona Ice Tea)… There is loads of money to still be made AND have everyone else make it too. Greed and addiction the problem, like Gollums to a shiny thing.
Are the “alien” drones finished spying on the American public now?
@Marvin Dollery. Yeah he was radicalised, by the US armed forces!
@Padraig O’Brien: yet they blame ISIS even though he was pro Israeli. Black flag job I reckon.
@Alan: What are you on about?
@Marvin Dollery: ‘subhuman trash’. Come on. You can come up with something better than that!
@Enoch Kochwomble: Daddy is warming up his phists on the punching bag, son.
@Marvin Dollery: Better call social services before he’s finished on the punching bag son
Why is a miserable 3% worker profit share capped at all?
Why are shareholder profits not capped?
Why are executives’ profit shares not capped?
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