Menu
Menu
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.

Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags bankruptcyglobal financial crisisAutomotiveACL

Show Comments