Honda aiming to drive up retirement age

Honda
is trying to raise the age of retirement to 62 at its British plant in order to
prevent a crisis in its pension fund.

According
to the BBC Online, the move comes as the car-maker begins its first pay talks
with unions since it started manufacturing in the UK 17 years ago.

Honda
needs to raise the retirement age to boost its pension fund, which has a £40m
deficit.

The
group is also closing its final salary pension scheme to new entrants for the
next five years and asking employees to increase their contributions.

Honda
is thought to be the first major employer in the UK to try and raise the age at
which its staff can retire.

By Quentin Reade

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