IBM using global recession to cut pensions?
In the race to the bottom….
Unite, the largest union in the UK, has today (Wednesday) accused global IT company IBM of using the cover of the recession to cut the pensions of its UK workforce. The company has announced that it is to close the final salary pension scheme for future accrual to existing members.
Unite believes that IBM can well afford to keep the existing scheme open but is seeking to cut costs in order to make more money available for dividends, to buy back IBM shares and for acquisitions.
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