IBM Faces Backlash Against Pensions Proposals

Tuesday, August 18, 2009

IBM recently announced plans to close its final salary pension scheme in the UK, in order to maintain competitiveness and introduce greater predictability to long-term pension provision costs. Where as Unite, the UK's Largest trade union has reportedly warned IBM of a "backlash" from thousands of employees against its proposal as there are more than 5000 employees get affected with this move by IBM.

Earlier IBM said it would consult the staff from 5 Aug 09 till 60 days from then and take decision on the feedback receieved by the staff. But what made employee going against the proposal if IBM has really consulted the staff.
As of now employees are really angry with the decision of IBM Pensial proposal.

The union calculated that typically people in their mid-50s could lose up to £200,000 as a result of these changes from the retirement pension they had expected to draw before the company's announcement in July.

Peter Skyte, national officer, IT and communications, Unite, warned, "IBM is facing a backlash against its pensions proposals. These highly skilled and experienced staff were key to the company's survival and they view the company's proposals as a kick in the teeth."

He also said, "IBM is a highly profitable company with substantial revenues and cash reserves. But is using the recession as a cloak to close its pension schemes to existing members and further line the pockets of its shareholders and senior executives at the expense of its loyal workforce."

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