The GMB is opposed to ASDA's proposal to close The Step Up Pension Section, reduce Death in Service benefit from 4x to 1x pay and introduce a lower earnings limit before making pension contributions for everyone.
Part Time Colleagues
ASDA's proposals will adversely affect everyone in the Step Up section, but part time, predominantly women colleagues could be the hardest. This is because part-time colleagues earning less than £452.00 in any pay period will no longer receive pension contributions from ASDA or be able to make pension contributions after ASDA closes the Step Up section.
For part time colleagues earning a little more than £452.00 in any pay period , the reduction in pension contributions from ASDA will be significant.
For example, a part time colleague earning £8,000 per year getting a 3% contribution under the Step Up section would receive £240.00 from ASDA in their pension per year. Under the pensions proposal this would reduce to £63.72 from ASDA in to their pension. This is a cut in deferred pension of 73%.
ASDA is a very profitable company and has the ability to pay and should keep the Step Up Scheme.
ASDA colleagues deserve better than minimum pensions and minimum pay.
