Only a third of multinational companies expect to harmonise their pension schemes across Europe following the introduction of the Euro, according to research carried out last month by consultants Towers Perrin and Deutsche Bank.

However, figures vary greatly between countries, with just 12% of German companies preparing for change under Emu, rising sharply to 67% of companies in Scandanavia.

This shows companies have not thought through the wider issues and strategic implications of the Euro," says Don Cuthbert, head of Emu implementation strategy at Towers Perrin.

Of the 200 multinationals questioned only 50% had considered the consequences of monetary union for remuneration policies and practices.

Although 84% of respondents did see Emu forcing them towards increasingly competitive benefit packages, and 77% felt increased European pay transparency would eventually lead to common remuneration programmes, the majority of companies expected to make no real benefit changes in the near future."

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