Aer Lingus employees have been given an increased holding of 14.9 per cent in the company, which could lead to a windfall if it is sold or floated on the stock exchange.
The Aer Lingus Bill, 2003, published today creates an Employee Share Ownership Plan (ESOP) agreed between the Government and the unions as part of the survival plan for the airline.
Since September 11th, the Aer Lingus has trimmed its cost base by €300 million, which included cutting one-third of its staff and half of its management team.
The Bill also provides for Aer Lingus to establish superannuation schemes for general employees and pensioners and for amendments in relation to the appointment of directors, including worker directors.
The Minister for Transport, Mr Brennan, said today said the publication of the Bill will be the final phase of the survival plan and is the "concrete acknowledgement" of the contribution of the staff to the turnaround of the airline following the terrorist attacks on the United States.