This section requires the board to wind up their affairs and to provide for the termination of the employment of the officers. I understand that the ordinary statutory redundancy payments will obtain. Does the Minister intend to supplement that redundancy payment? I have heard of boards that were terminated quite recently — I do not want to start quoting off the record because I may not be accurate — but a nominal redundancy payment was mentioned, perhaps £30 or some such thing for 30 or 40 years' service. It would be disgraceful if that happened in this case because three of the four employees have been working over 40 years in the live stock insurance board. Is there any compensation forthcoming for these people, other than the statutory redundancy payments?
Exported Live Stock (Insurance) Bill, 1984: Committee and Final Stages.
No, we do not envisage getting involved. It will be between the two remaining employees, the two people who retired and the board. The Minister for the Public Service will act as arbitrator. As I pointed out in my opening address, on behalf of the staff, the board have been contributing to a pension scheme with a pension firm. The determination of the final pension and other arrangements for the staff on termination of their employment is a matter for agreement between them and the board of management within the resources of the board. However, there is provision in the Bill whereby the Minister for the Public Service will be the final arbitrator in the event of any dispute of pension or other terms between the staff and management.
What are residual funds and for what purpose will they be used? I thought they might be used to supplement the pensions of these employees. Where will that money go? Will it go to the Minister for the Public Service?
With regard to the residual fund, one of the first things which would have to be looked after would be the position of the employees. Any funds left after such an operation would be used at the discretion of the Minister in the interests of the livestock trade.