Chair’s Blog December 2018
Pay and Pension concerns
The Conservative government has recently announced an increase in TPS contributions from our employers which is already being used by the employer as an excuse for further attacks on members' pay. One of the main drivers of the increased cost of the TPS pension on the employer is their own year on year below inflation pay awards. It is a fact, that under inflation pay awards are directly linked to the requirement on employers to increase their contributions to TPS. The employer, by restricting pay, has created the circumstances in which they now find themselves and, to add insult to injury, is now seeking to further abuse members by using this as an excuse to hold down pay. It is difficult to imagine a more perverse set of circumstances.