Sunday 23 July 2017

Bord Gais must start to get real

In today's Irish Independent we reveal the details of the gold-plated Bord Gais severance package. That a state-owned company, which recently announced a 22pc price increase for its customers, should play so fast and loose with what is ultimately our money, shows parts of the public sector are still detached from reality.

Under the Bord Gais package, a 50-year old worker would receive a lump sum equivalent to up to one year's salary. On top of that they would be placed on half-pay until the age of 60, at which point they would become eligible for a pension normally paid to a worker retiring aged 65.

With the average Bord Gais salary now €67,000 per year, this translates into a €402,000 payout over 10 years. Throw in the early pension and the total package is worth comfortably in excess of €500,000.

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