May 3, 2018
BT staff pay penalty after pension deal goes to extra time
BT employees celebrating victory in their pension grudge match have been left with a taste that is rather more bitter. No sooner had they voted to accept a hard-won deal for 45,000 staff than news broke of thousands of job cuts. BT allowed its pension deficit to balloon from £9bn in 2010 to about £13bn now. BT's defenders might argue that the need to pay billions for TV rights, to retain customers, made it difficult to persuade unions of equally necessary pension savings. If BT had been more on the ball about balancing pensions and payouts, employees might not be paying such a penalty.
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