The bosses of British companies have worked hard to earn a reputation for giving themselves generous share options, enormous bonuses and pensions which are higher than most salaries.
One of the ways they've been paying for this is by reducing workers' pensions.
Public sector workers in Britain are in defined benefit pension schemes. Your pension is linked to your years of service and final salary. That's why, for example, in the Post Office, the night shift is crammed with workers approaching pensionable age. Night work pays more and that gives you a higher pension. On average employers and employees put 18.8% of earning into these schemes.
In the private sector only three quarters of pension scheme members are in defined benefit plans. This figure will decrease quickly because half of these schemes are closed to new members and this trend is continuing.
The defined benefit schemes are being replaced with much less favourable defined contribution plans. The contribution from employers and employees to these schemes average 8.9% of earnings. Almost a full 10% less than the alternative scheme.
This means that the size of pensions from these schemes is a lot less. But shareholder bonuses and golden handshakes for the company directors have to be paid for somehow.
Governments too are looking for ways to reduce the amount they pay in pensions. As people live longer they can expect to draw a pension for Respect has also collected for them many more years than their parents.
New Labour's is concerned also by the amount the state will have to spend on health Cale
That's why Brown's preferred solution is to make
work longer or "extend working lives" in the jargon.
This favours the bosses too. People with higher incomes tend to live longer. Adrian Swain of the NUT hands over a cheque to Ambala strikers (see below). Tower Hamlets
Rather than oblige people to work longer, permit companies to slash workers' pension and privatise pension