Tuesday, August 26, 2008

Companies continue to dump social responsibility while crying ever louder about it

Defined benefit pensions fall further
Aug 25 2008 22:30
About half of larger employers expect to try to get rid of their remaining liability within a decade, according to a biennial survey of 134 private sector schemes

From the beginning, the usual "pension" was a "defined benefit" (i.e. "x" proportion of your final salary, or some such formula).

Some years ago, companies started changing this to "defined contribution" (i.e. you contribute "x", and we can't tell what that might be worth, if anything, by the time you retire).

All this while raising the range and volume of propoganda about Corporate Social Responsibility and joining organisations such as Global Compact. No wonder: talking, and joining compacts, and providing representatives to speak at conferences on the subject is much cheaper than actually looking after your retired employees. Sphere: Related Content

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