Tuesday September 2, 09:56 AM
Bosses 'Retire On 25 Times More'
By Sky News
Bosses from some of Britain's top companies receive 25 times more pension than workers, it has been revealed. For more than 340 company directors this equalled more than £200,000 a year.
In addition, bosses could also look
forward to their last day on the job five years earlier than public and private sector employees.
The PensionsWatch survey, conducted by the TUC, found top directors with the highest pension payments received an average employer contribution of £149,600.
The study of 346 company directors showed each had amassed a total average pension of more £3m - with some having more than £5m.
TUC general secretary Brendan Barber accused bosses of avoiding collective belt-tightening during the worldwide credit crunch.
"Top bosses justify their lavish pay and pension arrangements on the risks they take and the rewards they deserve for success," he said.
"But these credit crunch-busting retirement plans seem to exist in a different world from the economic squeeze that is affecting everyone else's pensions.
"Many of the most lucrative pension arrangements are shrouded in secrecy, making it hard for investors to scrutinise them and ensure that bosses are accountable."
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