In addition, a retired worker from a state enterprise will have a pension and often a relatively desirable apartment as well.

The proposals have drawn protests from retired workers, about 70 of whom staged a demonstration outside the motor show.

When profits plunged, the pain was made worse by a bulging deficit in the pension scheme for its 12,000 retired workers.

More companies should strive to retain their grey talent, or encourage retired workers to retrain.

The embattled telecoms giant wants to link future payments for retired workers to a less generous inflation measure, potentially saving billions of pounds over the coming decades.