Tuesday, March 11, 2014

Tough luck at the bottom

We have all read the exposures of the banksters, those CEOs in the financial world awarding themselves generous pay-rises and gold-plated pension packages. What we tend to forget are the people at the bottom of the banking hierarchy - those men and women we meet face-to-face in the bank branch or talk to on the phone.

32,000 employees at Lloyds will suffer a freeze on pensionable pay from next month.  Pensions of those workers in a final salary pension scheme will be based on how much they are earning on April 2, regardless of how long they continue working or any pay rises they get at a later date.

The Unite union’s national officer Rob MacGregor said: "This is a disgraceful display of double standards. The taxpayer-supported bank has doubled its profits, but it is attacking thousands of ordinary workers' pensions while splashing out on huge bonuses for its senior bankers. Somehow the money runs out when it comes to the pensions of staff earning just £15,000 per year. The bank seems happy enough to expose low-paid workers to the real threat of pension poverty in the future."

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