Workers hit by pension cuts...
While bosses rake in old-age bonanza
EXCLUSIVE BY TRICIA PHILLIPS STINGY bosses have slashed the amount they put into workers’ pensions by more than two thirds in just three years.
Analysis of official data on occupational pension scheme contributions reveals that employers paid an average 6.6 per cent into employees’ savings in 2012.
But in 2015 that had dropped dramatically to just two per cent, and continues at the same level now as bosses continue to fill their boots.
Our research with shareholder group Manifest earlier this year found the average FTSE 100 chief executive gets the equivalent of 30 per cent of their salary as payment towards their pension every year.
Automatic enrolment into workplace pensions has meant millions more workers are now saving towards their financial future. But experts fear the introduction of the scheme has also allowed mean bosses to reduce the amount they chip in to the basic minimum requirement of one per cent for employers.
TUC General Secretary Fraces O’Grady said: “While greedy bosses pump millions into their retirement pots, many are only paying the measly legal minimum into their workers’ pensions.
“Far too many people are already struggling on low pay.
“If bosses don’t contribute, a comfortable retirement will be an impossible dream for many workers.”
Experts are concerned many workers won’t have enough in their pension pots when they give up the nine to five grind. Investment firm Tilney say an average 30-year-old should be putting away between 12-15 per cent of his or her earnings to ensure a comfortable retirement. Former Lib Dem pensions minister Steve Webb, now director of policy at Royal London, said: “Although millions more workers are now saving for a pension, it is worrying that the amounts going in are far too small. “The law will require these contributions to increase over the next few years. “But even by 2019, employers will only have to contribute three per cent. This is simply not enough for a decent retirement.” They rake it in for their pensions Oil RSA RBS J Sainsbury SSE Severn Trent Serco Sports Direct Shell Sky Smith & Nephew Smith WH 643.0 256.5 244.2 1472.0 2200.0 110.4 297.2 2056.0 997.0 1296.0 1672.0 0.0 +0.1 -1.9 +2.0 +10.0 0.0 +3.9 -3.0 +1.0 -7.0 -22.0 DISCOUNT chain Aldi are creating almost 4000 UK jobs in their biggest ever recruitment drive.
The retailers say they will need extra store and distribution centre staff as part of a planned rapid expansion. Aldi have more than 700 UK branches and said they attracted 900,000 new customers last year. Boss Matthew Barnes wants to get to more than 1000 new stores, piling further pressure on rivals such as Asda, Sainsbury’s and Tesco. RYANAIR have threatened to “review” their cabin bag allowance because passengers are flouting their rules.
Customers are allowed a 10kg bag, 55x40x20cm, plus a smaller one.
But the firm say some bring on bigger bags causing delays.
Ryanair’s Kenny Jacobs said: “Our policy may be reviewed should this practice continue.” FASHION chain Store Twenty One have gone into liquidation with the loss of 900 jobs. The remaining 122 stores are to close after 80 shut last year. Simon Bonney, a partner at liquidators Quantuma, said: “The company were founded in 1932 and unfortunately they are another example of the difficulties arising in the current economy.”