INM drama after profit warning and pension row
INM has taken steps to address staff concerns after a tumultuous week that saw a profit warning issued, and the injection of €24m into the employee pension fund.
21 July 2017
INM has moved to reassure staff after they were facing cuts of up to 50% due to the winding up of its contributory pension plan, RTÉ reports. Following negotiations with trustees, INM agreed to make contributions of more than €50m over the next six years, spread between its management pension scheme and its employee pension scheme.
The National Union of Journalists welcomed the move. “While the union remains opposed to the closure of schemes by a solvent and profitable company,” said NUJ acting secretary Seamus Dooley, “the decision to continue pension contributions until 2023 is a positive development.”
Meanwhile, earlier in the week, a profit warning was issued by the company as its share price fell sharply. On Wednesday, INM closed -14%, with the company stating it would see a reduction in its pre-tax profits.
The company said that advertising revenue would be down by 7%, due in part to reduced revenue but also uncertainty over the ongoing Brexit negotiations.