has caved in to the will of powerful unions and made another key concession in
talks regarding its £2.1bn pension deficit.
The UK’s largest international scheduled carrier will now lower the proposed
normal retirement age for all staff, including pilots and cabin crew from 65 to
60, after agreeing to increase its annual contributions from £250m to £272m.
Despite winning these key points, workers will now have to increase their
pensions contributions in return. For the first five years, workers intending
to retire at 60 will have to raise their contributions to 10% of their
pensionable pay instead of 5.25%, while air crew will have to put in 11.25% up
from 6.25%. After this initial period the rate will be stabilised at 10% for all
Brendan Gold, T&
G’s national secretary for civil aviation conceded that BA had made a
signifiacnt compromise, but warned that clear differences still existed, in
particular for cabin crew,’
The Telegraph reported.
The union was pushing for a retirement age of 55 for its members.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements