ACL board should repay golden handshakes: union

ACL board should repay golden handshakes: union

The Australian Manufacturing Workers’ Union (AMWU) has called on the directors of bankrupt car parts maker ACL to repay their golden handshake payments, after the receivers cut 120 jobs.

The AMWU said ACL receivers lacked the funds to pay workers’ severance packages, with a shortfall of around 80 weeks’ pay.

Yet the company’s directors have awarded themselves nearly $700,000 worth of severance payments.

“The fact that ACL directors awarded themselves massive severance payments while workers voluntarily took a 20% pay cut to keep the company viable and now stand to lose a significant portion of their entitlements makes things even harder to bear,” AMWU assistant national secretary Glenn Thompson said.

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Tags bankruptcyglobal financial crisisAutomotiveACL

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