Friday 9 December 2016

Bord Gais must start to get real

Published 25/08/2011 | 11:24

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.

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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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