WORKERS FACE PENSION WOES
MILLIONS of workers face pension cuts if companies successfully argue for a waiting period before new staff gain from compulsory pension contributions, the TUC is warning. The union organisation complained of an under the radar campaign by some major e
MILLIONS of workers face pension cuts if companies successfully argue for a waiting period before new staff gain from compulsory pension contributions, the TUC is warning.
The union organisation complained of an 'under the radar' campaign by some major employers, particularly in retail and hospitality, for a one-year waiting period, which would hit one in six workers.
Workers who frequently change jobs, such as those in hotels and restaurants, would be hit by a significant reduction, it was argued.
A 12-month waiting period would particularly hit black and Asian workers, while London would be the worst-hit region, said the TUC.
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TUC general secretary Brendan Barber, said: "Those who most need the new pensions system - those in lower paid and less secure jobs - will be the biggest losers.
"Bosses don't get a year off before they pay the National Insurance contributions that help pay for state pensions and they should not get a holiday before they pay compulsory contributions into work pensions either.
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