INEOS REDUCTION IN WORKFORCE PENSIONS

That this House is alarmed by the proposal of INEOS to reduce the pension rights of the workforce at the former BP oil refinery and chemicals complex at Grangemouth, Scotland, from that which had been part of the terms and conditions of employment of the workforce when INEOS bought the BP site; acknowledges that the INEOS proposal is to create a two-tier workforce with all new employees being denied a final salary pension; notes that as a result of the new proposal 97 per cent. of trade union members in an 86 per cent. ballot return voted for strike action after exhaustive negotiations; expresses concern at the aggressive tactics of INEOS senior management in undermining the agreed consultative processes; and supports the efforts of the INEOS workforce and their trade union UNITE to sustain existing pension arrangements on this very profitable complex for the benefit of all current and future employees.