Philip Green, the retailing billionaire, found himself on a collision course with Britain’s trade unions last week, after announcing plans to force hundreds of his employees to either work longer and increase their pension contributions, or take cuts in their retirement benefits.
The move comes just months after the tycoon paid himself a £1.1bn dividend from the profits of his Arcadia fashion empire – which includes high street chains such as Topshop, Burton and Miss Selfridge – but made no additional contribution to the group’s final-salary pension scheme.
Changes at Arcadia are due to come into force in March, just months after boss Philip Green awarded himself a £1.2 billion dividend from the firm, which owns Burton, Dorothy Perkins, Top Shop and Miss Selfridge.
Arcadia will raise its standard retirement age from 60 to 65 and at the same time has told staff they must lift their contributions from 4 per cent to 6 per cent of their salary or see their future payouts fall.
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