Opel May Reinstate Pension Plan | Business| Economy and finance news from a German perspective | DW | 09.01.2004
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Opel May Reinstate Pension Plan

The German automaker Opel is considering plans to reinstate the voluntary pension plan it had discontinued in 1997. Discussions are underway between union and management, according to a company spokesman. Opel, a unit of General Motors, originally cut the program because of cost concerns. Its about-face came because it sees the pension plan as necessary for recruiting the best workers. The move contrasts with other German companies, which are canceling pension plans. Commerzbank, for example, announced earlier this week that it would abolish its pension plan by 2005.

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