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Deficit payments ‘eat into wage growth’, think tank claims

first_imgBen Franklin, head of economics of ageing at the ILC, argued that deficit reduction contributions had “acted as an opportunity cost” for companies as they were forced to support pensioners instead of investing in their existing workforce.“This situation will not change overnight,” Franklin said. “Based on conservative assumptions about future life expectancy and mortality, we estimate that DB pensions will continue to be paid out well into the latter half of this century.“We call on government, regulators, and industry to devise solutions that move away from simply securing full member benefits and towards those that build in a recognition for the wider societal and economic challenges associated with continued DB pension deficits.”The UK government plans to issue a green paper next year proposing reforms for the DB sector to make it more secure, after the high-profile collapse of the British Home Stores high street chain left its pension scheme in limbo. The Pensions Regulator is currently attempting to secure funding to avoid the scheme having to enter the Pension Protection Fund, where a majority of its members would be forced to take a 10% cut to their benefits.This week a group of politicians issued a wide-ranging report, designed to feed into the government’s discussions, that criticised the regulator and called for radical rule changes to secure DB pensions. The proposals including removing barriers to consolidation and making it harder for employers to shirk their responsibilities towards DB pension funds.The ILC’s data comes from a study to published in January: “The End of the Beginning? Private defined benefit pensions and the new normal”. Deficit reduction contributions have taken almost £100 (€118) a year away from potential wage growth, according to a think tank’s research.The International Longevity Centre (ILC) analysed data from the Office for National Statistics to calculate that the average UK salary would have been 6%, or £1,473, higher at the end of 2015 if money diverted to plug defined benefit (DB) pension scheme shortfalls had been put towards wages.The ILC also estimated that wages were falling as a percentage of total employee compensation as more cash was diverted to pension funds.The ILC said: “While some of those pension contributions will be for current employees, and therefore represent deferred consumption, around half has been for servicing the deficits of DB pensions which have since closed to new members.”last_img read more

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Mike Tyson’s AEW ‘Dynamite’ debut with Chris Jericho made for cringeworthy television

first_imgMike Tyson’s next opponent? His T-shirt.On Wednesday’s “Dynamite,” Tyson made his AEW TV debut just days after helping introduce the TNT championship to the fold, and it didn’t exactly go as he’d hoped. After Tyson arrived alongside some other stars of the combat sports world (Henry Cejudo and and Rashad Evans, to name a few), he kicked off a feud with Chris Jericho — and his AEW shirt. Some on Twitter felt the same way:AEW Fans on the Jericho Mike Tyson feud pic.twitter.com/9FnEYlG1cW— Wrestlelamia (@wrestlelamia) May 28, 2020I love #AEW, especially since I dropped watching the other company all together. But the Mike Tyson story line is complete trash. It makes zero sense and it won’t bring any new eyes to the product.Concerned AEW is going into hokey story lines way too much right now.— Christopher John (@PsychoNetsFan) May 28, 2020I love this company and watching Dynamite is my favorite part of the week. But if I’m being honest I have zero interest in seeing Mike Tyson in AEW. I want to see the Inner Circle fued against actual AEW wrestlers. Never been a fan of non wrestlers fueding on wrestling shows.— Patrick Feltner (@dalekgimpy) May 28, 2020I don’t know what’s more cringe. Henry cejudo or old ass Mike Tyson that can’t Rip a shirt off… like yikes. I think they just need to stop wrasslin’ altogether. It’s jumped the shark as a form of actual entertainment. It is worst than a hallmark movie. pic.twitter.com/yFcYw59eVm— MansaMusaMoney (@mansamusa_money) May 28, 2020Open Critique: As much as I love AEW. Mike Tyson’s involvement with the company should have ended with double or nothing. This seems like a giant Rehash of Wrestlemania 14. – I understand why they’re doing it. but this feels cheap to me.Other than that. Fantastic Dynamite.— Paul Nova. (@onefallpaul) May 28, 2020I will be really disappointed if @AEWrestling books a match with Jericho and mike Tyson. I get that he’s a draw and I have a lot of respect for the dude but he’s not a wrestler. Let wrestlers wrestle, they’re better at it.— OccasionallyAMusical (@Shtmusical) May 28, 2020I hope @AEWrestling don’t make the same mistake #WCW and #TNA did by having retired wrestlers and sportsmen take up TV time. We want to see wrestlers at their prime and the future stars too. Not old or famous guys that shouldn’t be on screen. #AEWDynamite #AEWonTNT— Wrestling-X (@WrestlingX1) May 28, 2020Really, there’s no such thing as bad publicity, so this is all good for Tony Khan and AEW. But let’s hope the next time Tyson is on screen, it yields less cringey results.Hey, at least it was a quality T-shirt. It’s never a good idea to threaten Mike Tyson 😯 pic.twitter.com/oXwrxxQdfx— TSN (@TSN_Sports) May 28, 2020Mike Tyson: “Hey, I’m telling you, this is not over. I’m coming back and Jericho’s getting his ass kicked!”🤑🤑🤑pic.twitter.com/iaNhbroA9f— Chamatkar Sandhu (@SandhuMMA) May 28, 2020Tyson, of course, is no stranger to a wrestling ring, with his infamous WWF face-off with “Stone Cold” Steve Austin in the late ’90s sweeping the nation and stealing headlines. Recently, he’s undergone something of a career resurgence, with rumors of a return to the boxing ring running rampant and videos of Tyson shadow boxing hitting the internet over recent months.MORE: Relive AEW’s ridiculously fun Stadium Stampede matchThe Jericho-Tyson feud has its history, though, with the two of them facing off on an episode of WWE “RAW” in January 2010. Tyson “knocked out” Jericho on the show, leading to Jericho’s challenge of Tyson on Wednesday night’s show.Usually in pro wrestling (or sports entertainment, if that’s your thing), celebrity or other sport guests tend to make for cringeworthy television, and this was no exception. While AEW has done more good than bad and they deserve a little bit of faith moving forward with this Jericho-Tyson feud, the stunt got off to a bumpy start.last_img read more

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