As the airline waits for the upcoming IPO, Virgin Australia workers have came up with a campaign for better conditions and have 5 conditions.
Virgin Australia : Workers want slice from IPO
The Transport Workers Union have written to Bain Capital, Virgin Group and QIC about their demands. If you dont know, Bain Capital is the owner of Virgin. They have 5 demands. They are :
- Addressing of work culture issues, which leads to disputes
- Job security
- Investment in fleet, technology to maintain high safety standards
- Employee share scheme
- Support in Safe & Secure Skies commission to rebalance aviation
The company should award $1000 worth of stock to its 7000 workers in the employee share scheme demand.
Virgin’s IPO profile has been low because of no investor meetings since March. This reason has baffled fund managers.
Transport Workers Union National Secretary Michael Kaine believes that workers deserves a slice out of the upcoming Initial Public Offering (IPO). According to Kaine, Bain Capital will gain hundreds of millions from the upcoming Initial Public Offering. Bain Capital is the owner of Virgin Australia. The hardworking workforce should be rewarded for their efforts through a reasonable employee share scheme.
He says that Bain Capital should prioritize pilots, cabin crew, and ground workers. It should also address the workplace issues that have caused stress, fatigue and high turnover.
Talks already started
TWU says that ground workers and cabinc rew have already started negotiations with meeting scheduled for today (25 July). Pilots will begin negotiations in next month.
Last month, the airline increased the pay of ground staff and cabin crew by 5.75 percent because of the Fair Work Commission’s minimum wage ruling.
It is evident that Bain capital most of the time shares profit with its employees.
Bain returned 6% in salary bonuses as part of profit sharing scheme after it booked $2.5 billion in revenue.
In July last year, Frontline and non-executive staff received 05% bonus. In December, they received 2% bonus.
CEO Jayne Hrdlicka has said that the airline is in no rush to float.
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Source : Financial Review