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Marketplace News|
Friday, March 24, 2006 - Web posted at 7:58:29 GMT BA to pay US$874m for pension deficit LONDON - British Airways Plc, Europe's third-largest airline, will raise the retirement age of pilots and other staff and pay 500 million pounds (US$874 million) to tackle its huge pension deficit. |
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The airline said yesterday it hoped to clear the 1 billion pound deficit, as measured by actuaries three years ago, through a combination of higher retirement ages, a slower accrual rate and a cap on pension increases. BA's plan for staff to work longer for a similar annual pension sent shares in the airline to near four-year highs and was received cautiously by unions, which had threatened to strike if they did not like the proposal. - Nampa-Reuters |
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