UK - The Transport & General Workers' Union has brokered a raft of improved employee benefits for 200,000 construction workers at the Federation of Master Builders.
The union has secured death-in-service benefits, fare and travel allowances and a matching employer contribution of up to £10 per week in workers’ stakeholder pension schemes.
The deal also includes pay rises at the construction industry’s second largest employer organisation. The single-union deal means craft workers will see their pay rise by 8.13%, an increase of 7% for general operatives and skilled operatives and an increase of 7% in all of the skilled bands.
Apprentices, trainees and younger general operatives will also increase their wages by 7%.
Agreement was also reached to eliminate one of the sick “waiting” days, before workers qualify for sick pay.
T&G national secretary for construction Bob Blackman said: “The improved employee benefits and rates of pay are a step forward for the construction industry in their efforts to retain and recruit new workers.
The secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.