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01/06/2009
RTÉ Faces Dramatic Losses - And Angry Workers
Management of state-backed RTÉ has warned of possible bankruptcy after recording losses of €1 million a week.
The broadcaster said it will not be able to pay staff unless a programme of salary cuts and redundancies is soon applied. Some 300 jobs are now under threat, according to its Director-General, Cathan Goan.
RTÉ's staff is about to vote this week on whether or not to accept proposed pay cuts of up to 12.5%.
The station is facing a "worst case scenario", Goan stated. The current budgeted loss is about €68 million, but it is expected to reach up to €100 million.
RTÉ could run out of money by October, as things get worse thanks to higher costs and the collapse in advertising revenue.
The news comes as anger grows among workers over the level of pay and bonuses paid to executives.
However, according to management they have cut bonuses, while the publication of the 2008 Annual Report has been delayed.
Cathal Goan earned €441,000 in 2007 – more than US President Barack Obama –. His basic salary was then €283,000, but his performance-related bonus was €23,000 and his other benefits reached an amount of €27,000.
Managing Directors in RTÉ earned between €150,000 and €200,000 in the same year.
They also enjoyed a reported bonus of €20,000 as a "performance-related uplift" of €5,200 and €30,000 for "being a member of the executive board".
(AC/BMcC)
The broadcaster said it will not be able to pay staff unless a programme of salary cuts and redundancies is soon applied. Some 300 jobs are now under threat, according to its Director-General, Cathan Goan.
RTÉ's staff is about to vote this week on whether or not to accept proposed pay cuts of up to 12.5%.
The station is facing a "worst case scenario", Goan stated. The current budgeted loss is about €68 million, but it is expected to reach up to €100 million.
RTÉ could run out of money by October, as things get worse thanks to higher costs and the collapse in advertising revenue.
The news comes as anger grows among workers over the level of pay and bonuses paid to executives.
However, according to management they have cut bonuses, while the publication of the 2008 Annual Report has been delayed.
Cathal Goan earned €441,000 in 2007 – more than US President Barack Obama –. His basic salary was then €283,000, but his performance-related bonus was €23,000 and his other benefits reached an amount of €27,000.
Managing Directors in RTÉ earned between €150,000 and €200,000 in the same year.
They also enjoyed a reported bonus of €20,000 as a "performance-related uplift" of €5,200 and €30,000 for "being a member of the executive board".
(AC/BMcC)
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