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Aon in UK looks to cut pension contributions
Reports in UK newspapers today have suggested that the British arm of insurance broker has decided to cut the contributions to its workers' pensions by up to half in an effort to save costs.
The reports claim the company is involving employees in a two-month consultation on the plan but that employees will have to pay up to three times the current contributions to keep the company matching payments at existing levels.
Aon's existing scheme requires employees to contribute two per cent of pay, with the company contributing between six per cent and 12 per cent rising in line with age.
The UK reports quoted the company's chief executive, Peter Harmer, as saying the cut was preferable to other cost-reduction measures including shorter working weeks and unpaid sabbaticals.
AUTHOR
Mike Taylor
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