A day after HSBC said it would back-date pensions, Barclays Thursday said 13,500 former workers will be given the same pension rights as full-time staffers who worked for the bank since April 1976.
Barclays wouldn’t estimate how much the move will cost, but HSBC said it will cost it millions of pounds to provide the benefits for up to 3,500 staff members. HSBC allowed part timers to join its pension plan in 1992.
Barclays employees between 1986 and 1990 will receive notification from the bank, but those before 1986 have to contact the bank on their own, officials said. Barclays’ part-timers were given the same pension rights as full-time staff in 1990.
The decision by both banks to back-date pension membership follows a House of Lords ruling in February last year, which gave part-time employees the right to join pension plans retroactively.
Read about HSBC’s announcement at UK Part-Timers Get Pension Payouts