Windfalls for Eircom, AIB and ESB employees

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Remember the extra 5% on ESB charges?




10,000 former and current workers with ESB, the state’s largest electricity provider, will all see a windfall of about €1,282 each under an employee share ownership scheme.

The bumper cheque come out of a €10.5m fund created by exceptional profits earlier in the year, and comes after the supplier paid an average of €3,200 to each member of staff under another profit-sharing scheme.
AIB, meanwhile, is to pay up to €10m in backdated bonuses to 90 of its employees after the High Court ruled against the bank last week. Yesterday’s Irish Times said that AIB Capital Markets would be making bonus payments as per the contracts of the workers, pertaining to the business’s performance in 2008.
Not just Google: Windfalls for Eircom, AIB and ESB employees · TheJournal.ie
 


Mondo

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Bonuses at 'our' banks should only be paid out for information leading to the conviction of banking wrongdoers. Full stop.
 

Sync

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There's a reason why people end up writing for a website and not for a real paper. Recieving the bonus you're contractually owed is not a windfall.

ESB performs effectively and turns a profit. Workers are rewarded. So absolutley lets start slating them. God knows we don't want profitable companies who reward their employees based on performance.
 
Joined
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There's a reason why people end up writing for a website and not for a real paper. Recieving the bonus you're contractually owed is not a windfall.

ESB performs effectively and turns a profit. Workers are rewarded. So absolutley lets start slating them. God knows we don't want profitable companies who reward their employees based on performance.

Is there any onder why the ESB are making such profits?

We have gone from the cheapest to one of the dearest for electricity in Europe, at a time when people cant afford it.
 

DCon

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There's a reason why people end up writing for a website and not for a real paper. Recieving the bonus you're contractually owed is not a windfall.

ESB performs effectively and turns a profit. Workers are rewarded. So absolutley lets start slating them. God knows we don't want profitable companies who reward their employees based on performance.
ESB have a virtual monopoly and are very expensive. High electricity prices are a concern for a lot of industry based in Ireland.

It is easy to turn a profit in the situation ESB operates in. Employee performance has little to do with it.
 

Sync

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ESB have a virtual monopoly and are very expensive. High electricity prices are a concern for a lot of industry based in Ireland.

It is easy to turn a profit in the situation ESB operates in. Employee performance has little to do with it.
It's not easy. An Post have a total monopoly and are still worthless. If you want people to change ESB's mandate, then elect them. Right now the management are suceeding in their mandate, as are the staff.
 
G

Gimpanzee

There's a reason why people end up writing for a website and not for a real paper. Recieving the bonus you're contractually owed is not a windfall.
Fair enough

ESB performs effectively and turns a profit. Workers are rewarded.
This is meaningless, given their position.
 
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It's not easy. An Post have a total monopoly and are still worthless. If you want people to change ESB's mandate, then elect them. Right now the management are suceeding in their mandate, as are the staff.

Thats not quite true.

An post have no monopoly on parcels.

In fact Royal Mail dont even use An Post to ship to Ireland , they use private courrier.
 

Clanrickard

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There's a reason why people end up writing for a website and not for a real paper. Recieving the bonus you're contractually owed is not a windfall.

ESB performs effectively and turns a profit. Workers are rewarded. So absolutley lets start slating them. God knows we don't want profitable companies who reward their employees based on performance.
They are over paid and under worked. They make money on the backs of the public by the setting of an artificial price for electricity. Remember this is the company where workers are paid huge money to do nothing at a closed power station and whose boss is paid 750,000 euro. Keep Eirgrid and flog the rest.
 

lobby

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It's not easy. An Post have a total monopoly and are still worthless. If you want people to change ESB's mandate, then elect them. Right now the management are suceeding in their mandate, as are the staff.
Hmm, though I haven't the time to work through the figures, I'll bet that if stamp prices since, say, 1995 had been pegged to ESB prices we'd now be paying about €3 per stamp, and An Post would be "making a tidy profit".

ESB is too expensive, bad value and the workers are overpaid. End of story.
 

Macy

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We have gone from the cheapest to one of the dearest for electricity in Europe, at a time when people cant afford it.
We had the cheapest when ESB was a state monopoly, running on a break even basis with no competition. We have gone to one of the dearest to attract competition, through regulators implementing Government policy. There is clearly no consumer benefit to these policies, whatever way Ryan try's to spin phoney airtricity "savings" which are still above what the ESB could charge.
 

Freedom front

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Have to agree Clanickard keep Eirgrid, we need to keep control of the national Grid ,
Sell off the rest

We have the highest priced Domestic Electricity in Europe. ESB & ESB staff are exploiting the Citizens of Ireland
 

Macy

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We have the highest priced Domestic Electricity in Europe. ESB & ESB staff are exploiting the Citizens of Ireland
ESB want to cut prices, the regulator won't let them. This is the reality of competition in Ireland - jack up prices so that shareholders can make a killing.
 

Harmonica

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I believe Ireland has the 3rd highest electricity prices in the OECD & the ESB are moving from monopoly to virtual monopoly. If that isn't an easy model for bumper profits I don;t know what is.

This is just a pay off for industrial peace in the same the HSE paid the unions for the skills programme.
 

hammer

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Get ESB to reduce prices. Everyone should move to Bord Gais. 10% discount. How will ESB react if it has no bloody customers.

DO IT NOW.

Anyone that hasn`t moved is an absolute financial illiterate.
 

Clanrickard

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Get ESB to reduce prices. Everyone should move to Bord Gais. 10% discount. How will ESB react if it has no bloody customers.

DO IT NOW.

Anyone that hasn`t moved is an absolute financial illiterate.
Another scam. Bord Gais buy from the ESB to give the illusion of competition. Sell the power stations to some one like Vattenfall or Endessa so we can have real competition and get an inter connector going with the UK.
 

dpbdpb

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It's not easy. An Post have a total monopoly and are still worthless. If you want people to change ESB's mandate, then elect them. Right now the management are suceeding in their mandate, as are the staff.
But thats because postal companies world wide are in the Doldrums - email has undermined their business.

The management of the ESB do do a good job but come on - average wage is circa 70k, the workers in the midlands who came to work every day to a closed down power plant (edenderry i think) etc . The unions are very powerful and as the ESB doesnt have to answer to shareholders or competitors there is no incentive to rock the boat.

But they are one of the better most progressive irish companies and it would be a shame to see them sold off/privatised. And the ESBI is an example to other companies on foreign investing.
 

Libero

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Sync said:
There's a reason why people end up writing for a website and not for a real paper. Recieving the bonus you're contractually owed is not a windfall.
So you think a "real paper" wouldn't describe the matter as a windfall (as opposed to the rank amateurs at thejournal.ie)?

Well then you'll be surprised to read this description of the matter from a little paper called the Irish Independent: "MORE than 10,000 current and former ESB workers have enjoyed a windfall worth around €1,200 each under a share ownership scheme."

Of course, that shouldn't come as such a surprise since thejournal piece you criticise tells us "Today’s Irish Independent reports that 10,000 former and current workers with ESB, the state’s largest electricity provider, will all see a windfall..." (Yes, that's a link to the Indo piece in question. Did you not think of clicking on it?)

Sync said:
ESB performs effectively and turns a profit. Workers are rewarded. So absolutley lets start slating them. God knows we don't want profitable companies who reward their employees based on performance.
The ESB workers' "windfall" is under the terms of an employee share ownership scheme.

How does that scheme constitute "reward their employees based on performance"? The Independent reports that the bumper ESB profit was largely attributable to the sale of assets to Endesa, so it's difficult to point to profits being the result of the toil of efficient and profitable ESB workers.

All in all, that's two elementary errors of comprehension on your part, or maybe just dishonest spin in the name of knee-jerk conservatism and defending the status quo. Whatever, it's pretty funny when it comes in a post attacking the professionalism of a news source.
 

wexfordman

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There's a reason why people end up writing for a website and not for a real paper. Recieving the bonus you're contractually owed is not a windfall.

ESB performs effectively and turns a profit. Workers are rewarded. So absolutley lets start slating them. God knows we don't want profitable companies who reward their employees based on performance.
Tell me, how is the pension fund for the esb performing at the moment ? I believe it is somewhere around 1.9bn in defecit!!

Is there not some form of contradiction between:-

A) a an apparrantly profitable company
B) same said company with a gaping deficit in it's pension fund, effectively it's employees retirement fund
C) same said company paying out bonded to itS employees!

Whe and how for it plan to plug the hole in it's pension fund ?
Is the tax payer expected to do this while it's employees pocked bonuses ?
 
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