24th October 2015

FT Staff To Ballot For Industrial Action

Journalists at the FT have voted to ballot for industrial action against Nikkei.

The Financial Times journalists have agreed unanimously to begin a ballot for industrial action against new owners, Nikkei.

Journalists are taking this action after Nikkei planned to end the final salary pension scheme that staff are currently using.

Nikkei are looking to begin a new pension scheme, which will save the company around £4M per year.

The Financial Times was acquired by Nikkei for £844M, from previous owner Pearson.

The purchase between Nikkei and Pearson is due to be finalised in November 2015.


The National Union of Journalists (NUJ) has stated that around 150 FT journalists agreed to industrial action.

A statement read: "The FT chapel condemns Nikkei and FT managers for failing to honour promises made to maintain fair and equivalent terms of employment in the wake of the takeover.

"Proposals to take at least £4m a year from funds allocated to our pensions and use the money to pay rent and admin costs amount to no less than robbery.

"In light of the lack of compromise on this and the likelihood that the takeover will be complete by the end of November, we instruct NUJ reps to begin the process of balloting for industrial action.

"NUJ negotiators should insist as a minimum requirement that total FT contributions to employee pensions should remain the same under Nikkei as they are now.

"The FT chapel congratulates the pensions reps for their work so far in clarifying and working to improve the terms proposed for new pension schemes in the face of an absurdly short time frame.

"We urge reps to call on Nikkei and Pearson to find an alternative to management proposals to put FT staff into auto-enrolment pensions or into an unresolved DC scheme should negotiations not be complete when the deal is finalised."

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