Telco retiree's woes

THE EDITOR: A new year, but the same old story of unnecessary hardship.

With a pension surplus in excess of $1billion, it is unconscionable that Telco retirees are receiving under $1,000 per month when former executives, who were never employed with Telco, reportedly receive as much as $65,000 per month from the same fund. Full blame goes to the CWU, which used the opportunity to politicise its grievances and abdicated its duty to seek a better package for pensioners.

Three unproductive years have passed and the union, under new management, is now calling for a unified pension plan, a move it initially rejected and which is at the heart of the impasse. The company had proposed giving retirees their contribution to the surplus amounting to $300 million, so there was wiggle room, the major constraint being the financial impact on a still active plan.

With increased utility rates, inflation, rising food prices, medical bills and property tax, we are up against the wall.

The last time, instead of dropping the ball, the union handed it to the opposition. One can only hope there is no senseless repetition of such and TSTT is still open to a unified plan. Meanwhile time is not on our side and every month retirees pass on and with that their money.

KEITH GONZALES

Retiree, Telco/TSTT