Thomas Crosbie group will meet unions over pension ire
NEWSPAPER group Thomas Crosbie Holdings is to meet trade unions this week after workers reacted with fury to the revelation that proposed 10pc pay cuts may now be matched by pension reductions of up to 50pc, write Ralph Riegel and Laura Noonan.
More than 300 staff from the 'Irish Examiner' and the 'Evening Echo' were summoned to an information meeting with the titles' owner, Thomas Crosbie Holdings (TCH), on Saturday afternoon, where a pension deficit of €20m was revealed.
The gathering lasted for more than three hours and workers later expressed "shock, disappointment and anger" at the scale of the wage and pension concessions now being sought.
TCH blamed poor investment market performance for a €20m deficit in the firm's defined-benefit pension fund. However, the company insisted that the deficit was not down to mismanagement of pension-fund investments but instead due to market factors.
This comes just weeks after the 'Sunday Business Post' triggered fury by proposing its second pay cut of the year.