CONFIDENTIAL
Privatisation of UC Abattoirs
Sample Cases of Redundancy Provisions Payable to the Butchery Staff
Annex B
The table overleaf sets out details of pension (normal plus enhancement) and ex-gratia payments payable to three individual Butchers (Mr. A, B and C) who are to be compulsorily retired on 1 January 1989, the hypothetical date for privatisation of the UC abattoirs.
2.
It will be noted that Mr. A aged 51 with 20 years pensionable service on 1.1.89 will receive a pension (normal plus enhancement) equal to 47.8% of his present salary on the existing pension scheme, and 45.4% on the new scheme. Mr. B aged 38 with 17 years' service will receive a pension equal to 42.3% of his present salary on the existing scheme and 37.6% on the new scheme. Mr. C aged 38 with slightly less than 10 years' service will receive a pension equal to 24.8% of his present salary on the existing scheme and 22% on the new scheme. Under the new scheme, the additional pension or enhancement component paid to these officers in addition to their pension as earned would represent a monthly payment (before commutation) of $489, $339 and $203 respectively.
3.
Length of pensionable service of the 468 Butchers at the two UC abattoirs is as follows:
Length of Pensionable Service on 1.1.89
20 years and above
No. of Butchers
7
248
15
19 years
10
14 years
185
28
Below 10 years
468
CONFIDENTIAL