Ansett Profits to be Shared with Staff

By the Australian Council of Trade Unions

More than 4,000 employees of the new Ansett will share in any profits made by the company under a groundbreaking deal between unions and the airline's new owners.

Under the innovative employee share ownership scheme, all employees will receive an equal share in a five per cent equity stake in the airline, ACTU Senior Industrial Officer Richard Watts said today.

Details of the scheme were agreed late yesterday between representatives of unions and the Tesna consortium of Lindsay Fox and Solomon Lew which will take over the airline on February 1.

"The profit sharing arrangements provide for extra remuneration for all employees in addition to the wages and pay rises already agreed under the Ansett Start Up Agreement," Mr Watts said.

Costs of administering the employee share scheme would be met by Tesna and employees would benefit from any future appreciation in value, Mr Watts said.

Mr Watts said the ACTU and Ansett unions were pleased the share ownership agreement had been finalised and looked forward to a speedy resolution of outstanding issues surrounding the guarantee of employee entitlements.

"Tesna has restated its commitment to securing employees' accrued entitlements and clearly understands the importance to the Ansett unions of ensuring all employees' entitlements are guaranteed 100%," Mr Watts said.

Negotiations on outstanding issues were expected to continue until Friday.

For further information

Contact:   Jeremy Vermeesch
Phone:   03 9664 7322
Mobile:   0408 513 849
Fax:   03 9663 8220
Email:   media@actu.asn.au
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