GLOBAL - Qantas has reached an ‘in principle' agreement with the Australian Services Union over pay, conditions and superannuation contributions.
If the agreement is endorsed by members, an annual wage increase of 3% and other benefits will come into effect in January 2008.
Geoff Dixon, CEO, Qantas, said: “As a result of these discussions Qantas had decided to increase company superannuation contributions for all employees in accumulation funds to no less than 10%.
“Employees in defined benefit schemes will also be able to salary sacrifice their employee contributions.”
In Europe, Air France announced it had undergone a strong first half of 2007 and had been able to make a one off, voluntary payment of €198m (US$293m) to its pension fund to reduce commitments.
The Air France group pension scheme assets stood at €2.5bn (US$3.7bn) at 30 September, 2007.
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point