Ineos Tells Workers to Cut Pensions, Face Site Closure - Report

LONDON--Workers at Scotland's Grangemouth refinery have been told they must accept a cut in their pensions or face the threat of losing their jobs, the Sunday Times reports.

Calum MacLean, chief executive of Ineos Refining, said the site will close unless its 1,300 workers agree to end the current defined-benefit pension scheme, the newspaper says. It adds that the site value of Grangemouth, which is jointly owned by Ineos Group Holdings and PetroChina Co. Ltd. (PTR), was written down to zero by its parent after losing GBP600 million ($960.37 million) over the past four years.

Representatives for Ineos weren't immediately available to comment.

Meanwhile, workers at the petrochemicals operation, which is separate to the oil refining unit, are due to launch industrial action Monday, including a ban on overtime and a work to rule. The paper says the move is in response to a dispute over the treatment of a labor union representative.

Newspaper website: http://www.timesonline.co.uk

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