Vodafone to close final salary scheme
VODAFONE is set to shut its £755m final salary pension scheme to 4,000 staff, in a fresh round of cost-cutting by chief executive Vittorio Colao.
Colao is aiming to offset plummeting revenue at the mobile phone operator.
The firm is following the lead of Barclays, Whitbread and Fujitsu, who are also blocking current workers from earning further retirement benefits that make up a chunk of their final salary.
• Meanwhile, in more bad news for Vodafone, Tesco has secured the rights to sell Apple’s phenomenally successful iPhone before the all-important Christmas period. Vodafone will not sell it until the new year. Analysts said Tesco’s entrance will spark a price war.