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Union attacks HSBC pension plans

080610_hsbc1.jpgBanking giant HSBC has come under attack after proposing changes to its pension schemes which union leaders claim will leave staff in a “precarious” financial position. The bank maintained that the proposals involved an investment in pensions and would improve its flexible benefits package. The suggested changes include increasing the normal retirement age, currently 60 for most people, to 65, as well as an option of staying in a final salary pension scheme by paying increased contributions. Graham Goddard, deputy general secretary of Unite, said staff would be “significantly worse off” as a result of the proposed changes. Image Source: thehindubusinessline.com. > Continue.

News selected by Covalence | Country: Global | Company: HSBC | Source: The Press Association

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