The government has offered unions an improved pension accrual rate and more protection for workers approaching retirement in a concession on public sector pension changes.
Treasury chief secretary Danny Alexander told the House of Commons he was offering unions a "more than sufficient" offer of a 1/60th accrual rate, up from a 1/65th rate originally proposed. This means for every year public sector workers remain in a scheme, they accrue 1/60th of their final salary as retirement income. The offer also includes a change exempting anyone within ten years of retirement from 2012 to change their date of retirement or alter how much they were due to recieve in their pension. However the offer only stands if unions call off strike action, Alexander said. ...
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