Why is BMS demanding the return of the old pension scheme
Explaining the reasons behind BMS' demand to bring back the old pension scheme.
- The old pension scheme provided a guaranteed retirement income, whereas the new pension scheme is based on market returns, which may not be sufficient to meet the needs of retired employees.
- BMS believes that the new pension scheme puts the financial risk solely on the employees, as market volatility can have a significant impact on their retirement savings.
- Under the old pension scheme, employees had the assurance of a fixed monthly pension amount, which provided them with financial security and peace of mind after retirement.
- BMS argues that the new pension scheme lacks transparency, as it is dependent on various market factors and investment options, leaving employees uncertain about the predictability and stability of their retirement income.
- The new pension scheme also requires employees to actively manage their investments and make informed decisions, which could be challenging for those with limited financial knowledge or access to professional advice.
- BMS believes that returning to the old pension scheme would restore the trust and confidence of employees, ensuring their financial well-being and a secure retirement future.
Answered
a year ago