09/12/2014

Settlement Agreed For Waterford Crystal Staff

An agreement has been reached in relation to the long-running Waterford Crystal pension case.

Under the deal, the former workers of the factory will receive "significant pensions" and a tax-free lump sum. The measures are compensation for the "delay and stress involved in bringing Irish and European Court cases to resolve the matter".

Tánaiste and Minister for Social Protection, Joan Burton TD, today confirmed Government approval for a mediator set of recommendations to settle the dispute.

In a statement, Ms Burton said that a number of legislative and procedural issues are now being put in place and will be finalised early in 2015, with a view to paying the lump sums paid as early as possible next year, while the pension payments would start by the middle of the year.

The settlement will be for all 1,774 deferred members of the Waterford Crystal Staff and Factory Pension Schemes.

Tánaiste Burton commented: "I am very pleased to announce today a resolution for the Waterford Crystal workers and their families, subject of course to the workers balloting on and accepting the proposals. I hope this will bring security and peace of mind for them in the certain knowledge that their pension entitlements are now secure."

(JP/IT)

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