Michelin had already closed its retirement scheme based on final salary and seniority to newcomers as soon as September 2004, acting ahead of many British companies. Now the French company wants to take it a step further by submitting all of its employees to the money purchase/defined contribution plans, which is less constraining for the company and less generous for the employees. (Ref. 070402)
As Michelin, 67% of British companies closed their traditional complementary pension scheme to the new employees. However, the tire maker wants to bring all employees into alignment with the new scheme, according to which pensions depend on the contributions’ level and the Stock market funds. Michelin has recently started talks with administrators of its British pensions fund to enforce this measure on January 1, 2009. it concerns 4,200 employees, for whom the rights acquired beforehand will no
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