Feeds

MPs slam IBM pension moves

Changes are redundancy by stealth

3 Big data security analytics techniques

A Westminster Hall debate has led to serious criticism of the way IBM ended its final salary pension scheme.

Sandra Gidley, Lib Dem MP for Romsey, said she had heard from many IBMers, especially those in their 50s who were hit hardest. She explained that in 2003 IBM staff were asked to increase pension contributions by 50 per cent even though the company, along with many others, had taken a pensions holiday for several years.

In 2006 more changes were made which were grudgingly accepted with the promise that funding would be in place until 2014. But in 2009 IBM made more changes.

Gidley criticised IBM's decision to run the feedback period during summer holidays when many staff were away. She said: "People will think twice about whether they want to work for a company that treats its employees so shoddily."

Christopher Huhne, MP for Eastleigh, noted that IBM made record profits in 2008 and there was no underlying reason for it to treat its staff in such a way.

Westminster Hall debates are held around a horseshoe-shaped table and aim to create a more intelligent standard of argument than the usual House bunfight.

There's a transcript here or BBC video here. ®

High performance access to file storage

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Record labels sue Pandora over vintage song royalties
Companies want payout on recordings made before 1972
Ex–Apple CEO John Sculley: Ousting Steve Jobs 'was a mistake'
Twenty-nine years later, post-Pepsi exec has flat-forehead moment
Number crunching suggests Yahoo! US is worth less than nothing
China and Japan holdings worth more than entire company
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.