Waterford Crystal workers have voted unanimously to accept proposals to resolve their pension difficulties.
The 1,770 former Waterford Crystal workers will receive the the €178 million pension deal agreed with the Government this week.
The deal was recommended to workers by Unite trade union.
Hundreds at meeting about Waterford Crystal Pensions Scheme in the Woodlands hotel pic.twitter.com/GsZVm0k8iM
— Sean Defoe (@SeanDefoe) December 13, 2014Saturday’s vote marks the final step in a five-year battle waged by Unite to secure pension justice following the closure of the factory in 2009.
The new package, agreed by the Cabinet this week, will see the workers concerned share €41 million in lump-sum payments – worth about €1,200 per year of pensionable service – with the balance paid out in pension payments over the coming decades. The families of 36 workers who died since the pension scheme was wound up will also benefit.
The lump sum payments will be exempt from income tax, under a special arrangement negotiated with the Revenue Commissioners.
Regional secretary of Unite Jimmy Kelly said the settlement was a victory, not only for workers, but also for the trade union movement.
“Once again, we have shown what can be achieved by strong, collective and united action,” said Mr Kelly. “No individual worker could have taken this case through the Irish and European courts, achieving a landmark legal victory which forced the State to negotiate a settlement with the workers.”
“Today is a day of celebration for the workers and for the city of Waterford, which will see the benefits of the settlement in terms of increased consumer spending and confidence.”
The former workers at the crystal glass manufacturer were left with almost nothing for their retirement when both the company and its pension fund were wound up in 2009 and pension entitlement fell to just 18 per cent .
The staff and Unite brought the case to the European Court of Justice.
Speaking following the vote, Mr Kelly said the trade union movement would now face the task of campaigning for policy change to “ensure retirement income security for all workers”.