Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: https://www.socialistparty.org.uk/issue/564/6835

From The Socialist newspaper, 28 January 2009

Fast News

Final salary

IN AN economic recession, making workers pay for the crisis is the capitalists' guiding principle. The latest example of this 'philosophy' is the expected decision by 25 of 100 major UK private sector companies to close workers' final salary pension schemes to existing members.

In recent years the majority of schemes have been closed to new recruits but now the trend is to end them for existing members, saving the employers a shed load of cash.

The schemes are linked to the performance of bonds and stocks and shares. During the boom years on world stock markets many of the bosses took a pensions holiday instead of continuing to invest in the schemes. Consequently, when bull markets turned to bear markets the schemes had accumulated an enormous deficit - 195 billion in December 2008.

Naturally, CEOs and top managers will continue to receive fat pension pots on retirement as will MPs.

Repossessions gloom

THE NUMBER of people losing their homes after failing to meet mortgage payments has doubled in the last year.

Repossession orders granted by the courts in the third quarter of 2008 were 13,161 - up 92% compared to a year earlier. Those three months or more in mortgage arrears swelled to 340,000, 24% higher than the previous year - a figure expected to reach 500,000 this year.

All the government's talk of giving help to those struggling home owners appears to be so much headline hype.

Meltdown

ICELAND'S BELEAGUERED right-wing coalition government collapsed last week - a consequence of the turmoil sparked by the country's financial collapse.

Continual street protests since last October finally dislodged PM Geir Haarde, who announced he was standing down on health grounds and called for an early general election, possibly to be held on 9 May.

With living standards in freefall, over 8,000 people demonstrated against the government last week - the biggest public demonstration in the island's history.

Bolivian vote

AN OVERWHELMING majority of Bolivians voted in favour of a new constitution that ostensibly gives more rights to the country's indigenous and poor communities.

Around 60% of electors approved left-leaning president Evo Morales's reform, despite violent opposition in the run up to the vote orchestrated by the capitalists/landowners in the economically richest provinces. This elite has been threatening to break away to preserve their privileges.

The Bolivian section of the CWI - Revolutionary Socialist Alternative (ASR) - gave critical support to the new constitution.

ASR in its leaflet declared: "The real struggle begins after we approve the new constitution. Workers, peasants, and indigenous people need to fight to carry out the guarantees in the new constitution and ensure that it is only the first step towards a socialist revolution."

More in a future issue

Donate to the Socialist Party

Coronavirus crisis - Finance appeal

The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.

The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.

The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.

  • The Socialist Party's material is more vital than ever, so we can continue to report from workers who are fighting for better health and safety measures, against layoffs, for adequate staffing levels, etc.
  • Our 'fighting coronavirus workers' charter', outlines a programme to combat the virus and protect workers' living conditions.
  • When the health crisis subsides, we must be ready for the stormy events ahead and the need to arm workers' movements with a socialist programme - one which puts the health and needs of humanity before the profits of a few.
Inevitably, during the crisis we have not been able to sell the Socialist and raise funds in the ways we normally would.
We therefore urgently appeal to all our viewers to donate to our special coronavirus appeal.

Please donate here.

All payments are made through a secure server.

My donation

 

Your message: 

 


In The Socialist 28 January 2009:

JOIN THE MARCH FOR JOBS

Defend jobs and services

Era of illusions in capitalism ending

The crisis in manufacturing: Fighting for jobs and living standards

No pay discrimination against young people

Ferengi dealers


Slaughter in Gaza

Coventry protest over Gaza onslaught

Israel: Thousands march in Jaffa against Gaza massacre

Students' angry sit-ins


Anti-racism

Stop the racist BNP

Stop the deportation of Yahya Al-Faifi


Socialist Party campaigns

Socialist councillor opposes Tory plans for education privatisation

Labour's abandoning of the working class

Croydon: Striking against academies

Scotland: Step up opposition to cuts

Fast News


Socialist Party workplace news

Fighting council cuts

Say 'no' to the Metro privateers

Amicus Unity Gazette left with egg on its face

Unison right wing exposed

Victory for left in Glasgow Unison

Solid support for Glasgow strike

Building a fighting Unison leadership


Education

Build a mass movement for free education

Save our school!


Marxist analysis: history

Germany 1919 The Spartacist uprising


International socialist news and analysis

Russia: Bosses sack auto-factory union leader

Courageous socialist activist, campaigning journalist and human rights activist


Socialist Party news

Obituary - Barry Malone


Socialist Party reviews

A People's History of Sports in the United States

The Reader


 

Home   |   The Socialist 28 January 2009   |   Join the Socialist Party

Subscribe   |   Donate  




Related links:

Pension:

triangleTory think tank proposes attack on pensions

triangleFrench workers demonstrating in Paris on 16 January; Over 40 days of strike action have taken place against the government's attack on pensions. Photo James Ivens

triangleFrance: Battle over pension rights continues

triangleWest London Socialist Party: French workers - fighting back against Macron

triangleMillions strike in France

Bolivia:

triangleBolivia: Right-wing coup ousts Morales

triangleVenezuela: resist the pro-imperialist coup!

triangle110 years ago: massacre at Santa Maria school in Chile - commemorate 21 December 1907

triangleChe Guevara 50 years on - revolutionary socialist and fighter

Repossessions:

triangleThe growing housing scandal

triangleNews in brief

Iceland:

triangleInternational Panama Papers protests

Reports and campaigns

Reports and campaigns

27/5/20

Fighting Fund

We need readers' support to fight capitalist crisis

27/5/20

Ferries

Fight P&O's billionaire bosses' jobs cut plan

27/5/20

Schools

Schools aren't safe

27/5/20

Energy

Energy firm plans to make 2,600 redundant

27/5/20

Hull

Hull Trades Council debates workers' political representation

27/5/20

Covid

Eerily quiet before second wave - don't reopen schools!

25/5/20

Coronavirus

No return to unsafe construction sites

22/5/20

Obituary

Mick Cotter 21-9-57 to 20-5-20

22/5/20

Rolls Royce

Strong union response needed against job cuts

20/5/20

CWU

Postal workers' action results in double victory for union

20/5/20

NSSN

Organising to fight for workplace safety

20/5/20

Peterborough

Posties walk out in Peterborough after manager tests positive

20/5/20

Covid

Johnson claims workplaces safe but HSE cancels inspections

20/5/20

Protest

Safe protests against Tory corona chaos continue

19/5/20

Hull

Trades council debates workers' political representation

triangleMore Reports and campaigns articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

LATEST POSTS

CONTACT US

Phone our national office on 020 8988 8777

Email: info@socialistparty.org.uk

Locate your nearest Socialist Party branch Text your name and postcode to 07761 818 206

Regional Socialist Party organisers:

Eastern: 079 8202 1969

East Mids: 077 3797 8057

London: 07748 534 891

North East: 078 4114 4890

North West 079 5437 6096

South West: 077 5979 6478

Southern: 078 3368 1910

Wales: 079 3539 1947

West Mids: 024 7655 5620

Yorkshire: 077 0671 0041

ABOUT US

ARCHIVE

Alphabetical listing


June 2020

May 2020

April 2020

March 2020

February 2020

January 2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999