Staff on less than the Average Industrial Wage to lose €20,000 in 5 years of Roadstone Woods cuts
Commenting today on the on-going strike action by Roadstone Woods workers, Sinn Féin Spokesperson on Jobs, Enterprise and Innovation Peadar Tóibín TD said:
“Roadstone workers across the country are into their second week of strike action in the face of management intransigence. Despite employees over-delivering on the €6 million of savings for the company in the recent past management are now seeking a further €10 million of wage cuts.
“In the last few years any increments to salary were delivered not to hourly rate but in the form of bonus increases. In real terms these bonuses are core salary. However, management now seek to erase a massive proportion of this core salary. Cuts will see staff on less than the average industrial wage loose €20,000 of their income over the next 5 years.
“Roadstone is a CRH plc company and boasts sales revenue worth €18 billion. Just last month CRH secured shareholder approval to double and treble performance bonuses for senior management. The company’s former CEO exited recently on a package worth €4.2million.
“Large profitable companies are increasingly engaging in sharp practices targeting lower paid workers for payroll savings whilst paying out massive pay and bonuses for senior executives. Pay inequity across the public and private sector is a growing problem with year on year management earning increasing multiples of staff salaries. It is beyond time that Roadstone Wood sits down with workers to achieve a reasonable solution that safeguards low to middle income workers.”