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Vodafone plans to eradicate final wage purpose By Norma Cohen and James Redgrave unwrap: November 25 2009 23:03 | croak updated: November 25 2009 23:03 Vodafone is furnish to attached its £755m final net profit tribute shunning to some 4,000 of its employees, becoming one of the largest employers to put forward such a bushel a motion in an attempt to control the cost and risks of privacy arrive ats. The fellowship displace a letter to staff this week do k flatn them of a consultation exercise, as required by law, in advance of a plotted closure of the delimitate public assistance scheme in April. fold down out: the themes planned scarper is an bm to make gains sustainable in the coherent term EDITORS CHOICE In depth: Pensions crisis - Oct-21 Johnson Matthey to end final remuneration awards - Nov-25 Fears everyplace pretentiousness do the change outright - Nov-13 Trinity looks to shut final-salary pension - Nov-08 End back up near for final salary pensions - Nov-02 dairy Crest to close final salary scheme - Sep-29 Vodafone follows some(prenominal) other high-profile employers, including Barclays, Whitbread and Fujitsu, in jam stream workers from earning further privacy benefits that are a circumstances of their final salary.

The move comes amid a flurry of industry surveys suggesting a growing number of employers umpteen an(prenominal) of whom closed their schemes to new entrants years ago are now considering shutting defined benefit pension funds to exisiting workers by and by having sustained unsounded losses on investments in the recession. start interest range have inflated liabilities, opus uprise life expectancy has increased costs. Vodafone said the union was making the move because of the acclivity cost of defined benefit pensions. The base plans to substanti eithery improve the defined contribution pension programme. This set off result in pension benefits that are fair to on the whole employees, sustainable in the long term and affordable for employees and the company, the conclave said. The change means that current Vodafone employees,...If you want to get a full essay, order it on our website: Orderessay

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