Hundreds of former employees of Waterford Crystal are to receive refunds of up to €2,000 each, a local TD has said.
The workers were forced to pay employer’s PRSI on payments from a fund established by the US investor that bought the company, but the money is now to be refunded.
The vast majority of the 800 former employees at the firm, which went into receivership in January and was sold to KPS Capital, are expected to receive refunds of between €1,000 and €2,000, according to local Fine Gael TD John Deasy.
The PRSI was levied following the establishment of a €10 million fund by KPS, which was agreed in the deal with Waterford Crystal employees who had occupied the Kilbarry premises after it went into receivership.
The staff were obliged to pay the employers’ PRSI on the payment as well as the 3 per cent employees’ levy, which the receiver declined to pay. The payment was regarded as income rather than redundancy.Mr Deasy praised Ms Coughlan for “keeping her commitment. She said she would do something and she did.” – (Waterford invests €20m in crystal comeback: Go, page 2)