THE BOSSES’ organisation – the CBI – has demanded that chancellor George Osborne ends public sector workers’ final salary pension schemes and scraps universal welfare entitlements such as child benefit and winter fuel allowance. The CBI wants these cuts to be made in order for the government to maintain spending on (highly profitable) big infrastructure projects.
While private sector bosses continue to enjoy ‘gold plated’ pensions, 75,000 workers in the private sector were robbed of their final salary pensions last year.
87% of private employers refuse to let new workers join their final salary schemes and increasingly are closing their doors to existing workers too. Corporate giants such as Vodafone, Dairycrest and IBM, have closed, or are threatening to close their schemes to existing workers.