QR National employees approve new enterprise agreements
Australia's largest rail freight company, QR National, has passed an important milestone on its path to an IPO with employees approving new workplace agreements.
Managing Director & CEO Lance Hockridge said the 13 different agreements had received as high as 100% support from employees in the vote.
"This deal offers employees and investors certainty," Mr Hockridge said.
"The State Government has indicated that the IPO on the Australian Securities Exchange is still on track for the last quarter of this year and the completion of these agreements is a key milestone.
"The 13 enterprise agreements provide our people with security and certainty on the terms and conditions of their employment leading up to the float of the company and beyond.
"These agreements also provide certainty for potential investors in QR National by cementing the industrial framework within which the company will operate for the next three years."
The offers have been agreed by QR National, unions and bargaining agents and explained to staff in information sessions in recent weeks.
The 13 agreements covering QR National staff in Queensland will now be provided to Fair Work Australia for approval.
The QR National subsidiaries across Australia have their own agreements.
The agreements become effective seven days after approval by Fair Work Australia and will run through to 31 December, 2013.
The key elements include:
A one off payment of $4000, in lieu of the previous offer of $4000 of shares at a discounted rate
An extension of the employment guarantee from two years to more than three years with all enterprise agreements to be in effect until 31 December, 2013
An on average wage increase of 4% per annum over the next three years
Employees will also continue to receive 14 weeks paid maternity leave, in addition to any entitlements under the new 18 weeks government paid parental leave scheme which starts 1 January, 2011.
Although not a part of the enterprise agreements, eligible employees will also receive $1000 worth of shares in QR National as previously announced by the Queensland Government.
Important Notice This document does not constitute an offer of securities for sale in the United States. The securities described herein have not been and will not registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.