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Released February 13, 2019 | SUGAR LAND
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On April 1, Pfizer Ireland will transfer 900 employees into a newly defined-contribution (DC) plan from its current defined-benefit (DB) plan. As a result, almost 400 Siptu trade union workers in two of Pfizer's four Irish pharmaceutical plants (Little Island and Ringaskiddy) are preparing to go on strike February 15.
Union members voted against the Labour Court recommendations for Pfizer's new pension plan. Under the current plan, workers contribute nothing to their benefits. Pfizer issued a statement saying this is "very unusual in either the private or public sectors. The cost of the company funding the DB scheme has risen 1,000% since 2009."
The Labour Court recommended Pfizer provide employees with lump sums of up to $40,000 as replacement for their existing DB assets, and offer a DC plan with a 15% annual employer contribution. Employees who transfer early and enroll in the fund would get an extra annual 14% contribution.
Plans call for a 24-hour work stoppage in the Ringaskiddy facility on February 15, followed by a 24-hour work stoppage in both plants on February 18. Additional strikes are being threatened.
Union members voted against the Labour Court recommendations for Pfizer's new pension plan. Under the current plan, workers contribute nothing to their benefits. Pfizer issued a statement saying this is "very unusual in either the private or public sectors. The cost of the company funding the DB scheme has risen 1,000% since 2009."
The Labour Court recommended Pfizer provide employees with lump sums of up to $40,000 as replacement for their existing DB assets, and offer a DC plan with a 15% annual employer contribution. Employees who transfer early and enroll in the fund would get an extra annual 14% contribution.
Plans call for a 24-hour work stoppage in the Ringaskiddy facility on February 15, followed by a 24-hour work stoppage in both plants on February 18. Additional strikes are being threatened.
