British Airways announced on Friday January 5th an agreement with the staff representatives in order to soak up within ten years the pension fund's huge deficit, more than three billion euros. The agreement provides for a raise of employees' standard retirement age. (Ref. 070008)
BA will proceed to an exceptional payment of 800 million pounds (1.2 billion euros) in its pension fund, and its employees will make a payment of 400 million pounds, which will make it possible to reduce the deficit –currently 2.1 billion pounds- by more than a half immediately. Afterwards, BA is committed to pay 280 million pounds per year during ten years. On the other side, the trade unions accepted a higher retirement age. It will increase from 55 to 65 years old for pilots, and from 60 to
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