Members of the GMB union and Unison approved an agreement secured by their representatives over pensions at EDF’s British subsidiary. A rarity in the agreement, according to the unions, is the fact that it allows recently hired employees to participate in the company’s defined benefits pension scheme.
The yes from both British unions was massive: 97% of Unison voting members voted yes and 94% of the GMB voters also voted yes. Workers have much to celebrate, for with this agreement EDF Energy will maintain its defined benefits pension scheme whereas these types of final salary schemes are increasingly being shunned (because of their high cost to companies) in favor of defined contributions schemes that however leave employees uncertain over the final pension amount they will receive....
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