P&O’s settlement with its workers is believed to be the largest compensation package in the British Marine Sector claims P and O.
40 employees are receiving over £100,000
Pay-outs are linked to the period of service and in some cases are over £170,000
The total value of the financial settlement from P&O Ferries is £36,541,648
575 of the 786 seafarers affected are in discussions to progress with the severance offers
P&O is paying (subject to settlement agreement):
2.5 weeks’ uncapped salary for each year employed rather than the statutory 1 or 1.5 weeks (capped at £544)
Up to 13 weeks’ salary in lieu of notice
13 weeks’ salary on top of this in absence of consultation period
Some employees are receiving 91 weeks’ pay and the chance of new employment
No employee will receive less than £15,000
Employees are also being given support to find a new job at sea or onshore
Support is being given to those who don’t get a new job
A comprehensive employee assistance programme is available
This was the basis for the original offers from last week
A spokesperson for P&O Ferries said: “This has been an incredibly tough decision for the business: to make this choice or face taking the company into administration.
“This would have meant the loss of 3,000 jobs and the end of P&O Ferries.
“In making this hard choice, we have guaranteed the future viability of P&O Ferries, avoided large-scale and lengthy disruption, and secured Britain’s trading capacity.”