The majority of Superquinn's 4,500 staff are due to receive a lump-sum bonus worth thousands of euro as part of the supermarket chain's sale to the Select Retail Holdings consortium.
All Superquinn staff are due to receive cash bonuses under a multimillion scheme to be funded by Superquinn founder Senator Feargal Quinn and his family.
The cash value of the package is estimated at about €6.5 million, with each staff member due a basic payment of €250 as well as a further €150 for each year they have served with Superquinn.
At least two members of staff are thought to have been with the company for almost four decades, a term of service which would deliver a payment of €6,250 net of tax. The Quinn family has undertaken to cover any tax that might be due on the payments, lifting the total cost of the bonus payments to an estimated €9 million.
About 1,000 staff who have been with the company for less than a year will receive a flat payment of €200, again net of tax.
Senator Quinn and his family unveiled plans to sell their business to Select, a consortium headed by Simon Burke, in January. The €420 million deal is subject to the approval of the Competition Authority. Staff will not receive their bonus payments until this approval has been delivered and the deal closed.
