You can't retire on Overtime
Corus has another trick up its sleeve to reduce pension liabilities. Overtime and bonus payments make up a substantial part of most employees’ pay. More than one-fifth of take home pay may consist of overtime earnings and bonuses and they are counted as pensionable: they are part of the final salary on which basis employees’ pensions are based. In the discussions about the future of bonuses in Corus, the company has made it clear that it wants bonus and overtime payments to be excluded from the crucial pension calculation at the end of employees’ careers. Increasingly, if Corus got its way, pension payments would fall for people retiring in the future, perhaps leading them to postpone retirement. Community is determined that members have full value in their retirement from their earnings over a lifetime of hard work. The union will fight every attempt to take out these earnings from the calculation of employees’ pensions.