Irish Life Pension Strikes Highlights Threat To All Workers

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Irish Life workers, who are members of the Unite trade union, are going on strike to

defend their pensions. The first day of strike starts on Thursday 12 April.

Irish Life is the biggest pension provider in the country but it is closing its own the staff pension scheme which has currently a surplus funding of over €240 million.

Workers pensions will be cut by up to 35%.

Irish Life is the largest pension provider in Ireland. It manages over €80 billion of customer monies and offers their customers pension security in retirement. But, ironically, it is threatening the pension security of its own workers.

If it gets away with it, this will send out a signal to all private employers to close their defined benefit pensions – even if they are profitable and are solvent.

A defined benefit schemes guarantees workers security of earning in their old age, Normally, they get either half or two thirds of their final wage as their retirement pension.

Employers want to force workers on to contribution schemes where a pot of accumulated money is speculated on the stock exchanges. Workers risk all their retirement earning in this system – and the companies get off scot free. Thousands of people will find that they are facing pension poverty in their retirement

Pensions are a form of deferred pay. They have become the new target of bosses who are keen to eliminate all future liabilities in order to maximise their ongoing profits.

This is what makes the Irish Life dispute so crucial.

Irish Life is a very profitable company and returns over €200 million each year to Great-West Life (GWL), its parent company in Canada.

GWL and Irish Life management have refused to enter into any talks with the Union to keep the pension scheme open. This has left the workers with no choice but to strike to defend their pensions.

Irish Life workers will hold a solidarity rally on Thursday 12th April in front of Irish Life Building, Lower Abbey Street and the Call Centre in Finnabair Industrial Estate, Dundalk. The solidarity rallies start at 12pm and continue to 2pm.

People Before Profit urges members and supporters to make every effort to attend.

Support Irish Life Workers!
No to pension cuts!
No Race to the bottom!