Tuesday 22nd March 2022
- P&O’s settlement with its workers is believed to be the largest compensation package in the British Marine Sector
- 40 employees are receiving over £100,000
- Pay-outs are linked to the period of service and in some cases are over £170,000
- The total value of the financial settlement from P&O Ferries is £36,541,648
- 575 of the 786 seafarers affected are in discussions to progress with the severance offers
- P&O is paying (subject to settlement agreement):
- 2.5 weeks’ uncapped salary for each year employed rather than the statutory 1 or 1.5 weeks (capped at £544)
- Up to 13 weeks’ salary in lieu of notice
- 13 weeks’ salary on top of this in absence of consultation period
- Some employees are receiving 91 weeks’ pay and the chance of new employment
- No employee will receive less than £15,000
- Employees are also being given support to find a new job at sea or onshore
- Support is being given to those who don’t get a new job
- A comprehensive employee assistance programme is available
- This was the basis for the original offers from last week
A spokesperson for P&O Ferries said: “This has been an incredibly tough decision for the business: to make this choice or face taking the company into administration.
“This would have meant the loss of 3,000 jobs and the end of P&O Ferries.
“In making this hard choice, we have guaranteed the future viability of P&O Ferries, avoided large-scale and lengthy disruption, and secured Britain’s trading capacity.”
