Beaver E,
Staff need to sit down with a pen and paper and work out how much these changes will cost.
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It's a five prong attack, the company appears to be offering staff the option of pulling three prongs out, for ground staff that means pension payments going from 5.25 to 17.6% of pen pay.
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However two prongs will reamain,
1/ Any pay rise above RPI will not be in the pen pot, and as sure as eggs is eggs, some clever pay deals will make pen pay fade away from basic pay, over time it will be horrible!
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2/ Anytime in the future when it can be claimed people are living longer, the pension will get watered down again and again, also horrible!
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I belive if the company was to offer staff the choice of no changes to NAPs and leave well alone, they would be asking ground staff to increase payments from 5.25% to about 25% or so, that is just about 5/FIVE/5 times what ground staff pay in now! Which is also about 20% of your basic pay, read it anyway you like, but this is a 20% pay cut. Flying staff get a bigger pay cut!
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By thinking that working longer is ok or even better, just think about changes in 5 or 10 years from now, working till 70 or 75 will be great news!
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Think of the managers pushing the above through, they will be getting 50% or more I would guess, sorry, did I forget to mention they getting pay rise!!!
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All staff and unions need to stand strong on this one???