There is going to be a mass strike in the UK on Thursday, over pensions. I heard the leader of the teachers' union say that she couldn't even get details of the pension fund.
This seems to have been ineptly handled by the Government, which made one blanket announcement even though each profession has its own scheme. Naturally when workers hear that the terms of their pensions are getting worse, they see it like a paycut.
It isn't quite like that, though. A fund has a duty to pay back what has been put in, but cannot demand that any shortfall be topped up by the employer in the event that it cannot meet its liabilities. The funds cannot meet their liabilities because people are living too long. This has to be explained to the unions separately, with the figures for their fund. Heaven knows it is no secret that the Government hasn't got any money.
It seems to me the Government has been peremptory, high handed. This bodes ill for industial relations in the future.
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