SR Technics can't afford to increase offer

With just one week to go before the first 600 workers lose their jobs at SR Technics, the company has told the Labour Court that it cannot afford to increase the value of the redundancy package or plug the €26m hole in the company pension fund. The company told the Labour Court today that the standalone position of SRT Ireland is extremely weak after losing 37% of it's revenue stream last year. It is costing €2m per week to keep the Dublin facility open and with not enough work to fund the expenditure.

The company also warned that without the goodwill of the SRT Group the company will be liquidated which would result in statutory only redundancy being paid.

Workers at the company are furious that the Swiss based management have refused to increase the offer or plug the pension shortfall.

Posted 090330