UK Part-Timers Get Pension Payouts

March 27, 2002 ( - HSBC, one of Britain's largest banks, will grant back-dated pension benefits to part-time employees for stints at the bank in the last 26 years.

The move, which will give more than 2,000 part-timers benefits on a par with those of their full-time counterparts, will cost the bank an estimated $35 million.

A further 1,500 workers, who the bank has yet to make contact with, could also benefit , the first big settlement since last year’s UK court ruling backdating part-timers’ pension rights in line with an earlier European Court of Justice decision.

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The rights of the part timers were backed by Unifi, a European banking and finance trade union, which notes that the agreement with HSBC was more generous than the law required since the bank would also consider employment tribunal claims in addition to the claims lodged with the bank and the union.

The union is also negotiating with other employers, namely Barclays, National Westminster, Royal Bank of Scotland and Lloyds TSB.