Staff lose battle for bonuses
Published 22/02/2012 | 05:00
UP to 64 staff at Permanent TSB have lost their battle to be paid bonuses owed from 2008 after the Labour Court said the payments were "specifically prohibited" by the terms of the bank's bailout.
Management argued that restrictions "imposed by the Department of Finance" meant all non-salary payments had to be sanctioned by the national management. The Labour Court found that IL&P's "legally binding" bailout agreement "specifically prohibits the company from making any performance bonus payments, no matter when such bonuses were earned.