— Séamus Dooley (@Seamusdo) December 5, 2016
Staff at Independent News and Media are to protest outside a company meeting today over a 70% cut to their pension benefits.
Earlier this month INM announced it would no longer be contributing to the defined benefit pension scheme, which will now have to close.
Separately, the company will today seek shareholder approval for measures that would permit the resumption of dividend payments for shareholders including businessmen Denis O’Brien and Dermot Desmond, who between them own almost 45% of the company.
In 2013, Independent News and Media restructured its defined benefit pension scheme.
Under that ten-year plan, staff had to accept benefit cuts of around 40%.
But last month INM announced that it would cease contributions to that scheme citing factors including regulatory funding requirements and falling bond yields.
Ingrid Miley tweetz:
Union briefing re: pension cuts at INM gets underway – protest to follow outside EGM at 13.30…