Tuesday 23 October 2018

Revealed: Sixty-four staff earned more than €100,000 at loss-making Irish Rail

David Franks earned salary of €225,000 and car allowance as chief executive in 2017
David Franks earned salary of €225,000 and car allowance as chief executive in 2017

Gordon Deegan

The number of Irish Rail employees earning over €100,000 increased by 42pc to 64 last year.

That is according to the Irish Rail annual report which shows that restructuring costs of €2.4m contributed to the company recording a loss of €1.1m in 2017 - which is down 62pc on the loss of €2.9m in 2016.

The annual report shows that last year there were 10 employees at Irish Rail on the payroll band over €150,000 compared to eight in that bracket in 2016.

In addition, there were nine employees on pay between €125,000 and €150,000 compared to 11 in that band in 2016. 

The figures show that there were 45 employees earning between €100,000 and €125,000, with 26 in that band in 2016.

The chief executive of Irish Rail, David Franks, received a gross salary of €225,000 in 2017, employer pension contribution of 25pc and a car allowance of €15,005.

Mr Franks left the company for a new post in Australia and was replaced this year by Jim Meade. 

Revenues at the state-owned rail firm last year increased by 1.7pc, from €467m to €475m.

The largest growth was in revenue from operations, jumping from €244.5m to €264.76m.

The revenues from operations came about as a 45.5m passenger journeys were made across Dart, Commuter and Intercity network matching the company's highest ever passenger numbers in 2007.

Rreceipts from Public Service Obligations (PSO) increased from €110.64m to €114.779m while other exchequer funding fell from €112.58m to €95.98m.

In his report, Mr Meade said that the €1.1m loss "underlines the need for continued prudent management of our finances". The figures show that termination payments for those departing the Irish Rail workforce last year totalled €2.23m compared to €1.26m in 2016.

Staff numbers at the end of last year totalled 3,761 compared to 3,772 a year before.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business