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11 June 2012
Unite, Britain's biggest union, representing Royal Bank of Scotland staff has expressed outrage at plans announced by the bank today (11 June) to slash employee pension entitlements.
RBS is planning to force its employees to work an extra five years before becoming eligible to receive their pensions. In a further slap in the face to 48,000 employees, RBS is asking for an additional five per cent to maintain their pensions benefits, taking their overall contribution to a staggering 20 per cent. With 28,000 workers receiving no pay rise this year, these changes will make access to the pension scheme unaffordable for many staff.
In addition RBS is proposing to cut redundancy entitlements. The group has made around 26,000 people redundant since the start of the financial crisis.
Unite national officer David Fleming said: "RBS awards its executives millions in bonuses while many of its branch employees earn little above the minimum wage. With 28,000 workers receiving no pay rise this year, these changes will make access to the pension scheme unaffordable for many.
"The bank is attempting to push through these changes without any proper negotiations with the union. We will be campaigning against these plans and we demand that RBS gets around the table and negotiates with Unite. This is yet another example of RBS failing to value its workforce in bank branches and back offices up and down the country."