Role Of EPACE Ltd Explained

national | worker & community struggles and protests | press release

Friday July 18, 2008 19:11

by John McCoy

EPACE are a private limited company set up to police the R.E.A... (Registered Employment Agreement) That is in force in the electrical contracting industry. The company was set up by the 3 parties who are signatories to the REA namely the TEEU (union) the ECA (employer) and the AECI (employer) The two employer groups represent approxomatley 400 contractors in an industry where its estimated there are over 4,000 Electrical Contracting Companies.

EPACE Limited

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They are funded by levies collected and passed on to them by the pension company CWPS .38cent employee, .38cent employer per week.

Epace Limited filed a profit in 2006 of €76,536 which brought their balance to a total of €722,192.00! and thats after admin costs. They claim on their filed accounts to be a non profit company.

The .38 cent levy is not mandatory for either employees or employers, however CWPS dont tell you this when you sign up, but if you read the REA there is no mention of this deduction.

According to EPACE's own filled accounts both the TEEU, the AECI and the ECA draw funds from EPACE Limited for admin, secaterial, and inspection costs. See 2005 accounts below

Included in Legal and Professional fees are amounts of €13,500 charged by the T.E.E.U. €8,000 by A.E.C.I. and €4,000 by E.C.A in respect of administration and secretarial expenses.
During the year the following amounts were charged in respect of Inspection fees, €9,500 to T.E.E.U. and €2,750 to A.E.C.I.

In May 2007 EPACE Limited filed an amendment to their articles of association which gives the Company permission to give themselves gratuities, bonuses and pensions, see extract below.

(I) To grant pensions, allowances, gratuities and bonuses to officers, ex officers, employees of the Company or its predecessors in business or the dependants or connections of such persons, to establish and maintain or concur in establishing and maintaining trusts, funds or schemes (whether contributory or non- contributory) with a view to providing pensions or other benefits for any such persons
as aforasaid charitable funds or institutions, the support of which may, in the opinion of the Directors, be calculated directly or indirectly to benefit the Company or its employees, and to institute or maintain any club or other establishment or profit

Maybe after reading the above you could be forgiven for thinking this REA for the Electrical Industry is a bit more than about Electricians wages, with profits like EPACE are making who involved in that company would want to see a more transperent REA in operation???????.

Check out the CRO site for more information, makes for very interesting reading.

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Epace Companys Office Returns

Fri Oct 03, 2008 12:52

Attached are the Returns of Pensions and Conditiond Ltd. (EPACE) as avaibaile to all from the Companys Office Website.

These make interesting reading and confirm all statments made above.

Enjoy

Epace Companys Office Return 2006 Financial Statments 0.19 Mb

Epace Companys Office Return 2006 Annual Return 0.31 Mb

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Role Of EPACE Ltd Explained

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