TITLE

RBS to introduce 2 per cent cap on annual growth in pensionable pay

PUB. DATE
September 2009
SOURCE
People Management;9/10/2009, Vol. 15 Issue 19, p12
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article announces the plan of the Royal Bank of Scotland (RBS) to cut its employee pension benefits as part of the final-salary pension system. It has implemented a two percent cap on the yearly increase to any pensionable pay increase. Under the scheme, the rise in pensionable pay will depend on the inflation rate or two percent. The final-salary scheme started by RBS will be affecting 65,000 personnel.
ACCESSION #
44765911

 

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