Manila Bulletin
Thursday, Septemper 17, 1998
The ground crew union of ailing Philippine Airlines yesterday reversed its decision to accept an agreement aimed at helping the carrier survive, an official said. PAL Vice President Manolo Aquino said the Board of Directors of the PAL Employees’ Association decided to reject the offer by company Chairman and majority owner Lucio Tan to give workers three board seats and PAL stock in exchange for a 10-year suspension of their collective bargaining agreement. Aquino said PALEA, the airline's largest union, also accused the management of "many things that are not true," but declined to elaborate. Under the proposed agreement, each employee would receive 60,000 shares of stock worth P300, 000 from the Tan group's shareholdings in PAL. They would not be allowed to sell their shares until their retirement. (AP)
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