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I'm not sure if this is correct but there was a minister on R4 this morning saying a public sector worker on a mean salary of 23k can expect to retire after 40 years with a 500k pension pot of which they will have contributed just 1.5% of annual salary.
They've got comparable private sector pay so now it's time to have a comparable private sector pension (even though it would still be gold plated in comparison).
Science isn't about why, it's about why not. You ask: why is so much of our science dangerous? I say: why not marry safe science if you love it so much. In fact, why not invent a special safety door that won't hit you in the butt on the way out, because you are fired. - Cave Johnson
The teachers can go and stick one up their collective arses, the twunts deprived me of a year in school as the local MP was education minister at the time of their last mass walk outs. If they do not like the pay and conditions then let them fend for themselves with their over inflated "I got a third class and cannot get a job in the private sector" ego driven rambles in the private sector.
The strikes are coming, make no doubt about it, the unions are up for it and the country has to be ready to back slap this.
I'm not sure if this is correct but there was a minister on R4 this morning saying a public sector worker on a mean salary of 23k can expect to retire after 40 years with a 500k pension pot of which they will have contributed just 1.5% of annual salary.
They've got comparable private sector pay so now it's time to have a comparable private sector pension (even though it would still be gold plated in comparison).
Depends what sector but my brother is a SW and is being retired at 50 with a lump sum and 15 grand a year, he will walk into another public sector job on part time hours and push that up to 30 on 2 days a week work.
I'm not sure if this is correct but there was a minister on R4 this morning saying a public sector worker on a mean salary of 23k can expect to retire after 40 years with a 500k pension pot of which they will have contributed just 1.5% of annual salary.
They've got comparable private sector pay so now it's time to have a comparable private sector pension (even though it would still be gold plated in comparison).
The general formula is no. of years in scheme / 80 (may still be 60 in some places) x final salary.
So in this case the pensioner is going to get 12.5 k p.a. (index linked, plus probably a cash lump sum of 37.5 k). Now it's possible that annuity rates are so low that that equates to 500k pension pot, but it's hardly riches. As far as who contributes what, it's the 'package' that counts, just as when in the private sector the total package may include car, bonus, pension, private health insurance etc. So you could advertise a job at £23 k + a large contribution from employer or 24 k with a smaller contribution.
The problem for them is there is no public pension pot, it's just a promise which may or may not be kept.
Science isn't about why, it's about why not. You ask: why is so much of our science dangerous? I say: why not marry safe science if you love it so much. In fact, why not invent a special safety door that won't hit you in the butt on the way out, because you are fired. - Cave Johnson
But the arbitration experts Acas said many Unison members struggle to differentiate between employment and retirement and currently believe they are being asked to pay for going to work.
Let us not forget EU open doors immigration benefits IT contractors more than anyone
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