Council Jobs to Go -10% Staff Saving Needed

Oblivion

macaque wrote: »

Public sector pensions bill hits £1 trillion.

http://www.citywire.co.uk/personal/-/news/money-property-and-tax/content.aspx?ID=323921&re=4393&ea=174368

We just cannot afford it guys!

UK plc can't afford anything anymore. Better get used to it.

Dave.

Old_Slaphead

Public Sector Pension Funding Cost

It doesn't stop there - with inflation it's still heading up the M1 at 90mph.

With the recession over the next few years there'll be a lot less taxpayers to [strike]sponge off[/strike] er subsidise it

OR

Better still - give all public sector workers a 15% pay rise and scrap their pension scheme. Make them provide for themselves rather than have an indemnified, index linked, gold plated, risk free payout - I'll bet none of them would vote for that !!!

neverdespairgirl

Generali wrote: »

Every office in Whitehall should have written above the door, "Don't just do something, stand there!"

My Grandad used to say the armed forces' motto was, "hurry up and wait"

scousethife

RobertoMoir wrote: »

You think a suitably qualified person would touch that job with a 10 foot bargepole now, without a very large paypacket to tempt them, after the likes of the "super soar-away sun wot won it" have made the job radioactive? I'd personally rather drink paint than take that job even at this new salary.

Good point

or another alternative is - dont be crap at your job.

beingjdc

macaque wrote: »

Public sector pensions bill hits £1 trillion.

http://www.citywire.co.uk/personal/-/news/money-property-and-tax/content.aspx?ID=323921&re=4393&ea=174368

We just cannot afford it guys!

"over the next few decades" is the bit of that article you're missing!

Assuming 3% inflation and 30 years' payments that's an average cost in today's money of £21 billion a year.

Quite a lot of money? Yes. An unprecedented amount that would bankrupt a large country? Hardly - roughly the GDP of Azerbaijan.

RobertoMoir

scousethife wrote: »

Good point

or another alternative is - dont be crap at your job.

Of course. Who'd want to be mistaken for an investment banker. Or a TV talking head about economics or houses from about 8 months ago?

Old_Slaphead

beingjdc wrote: »

"over the next few decades" is the bit of that article you're missing!

Assuming 3% inflation and 30 years' payments that's an average cost in today's money of £21 billion a year.

Quite a lot of money? Yes. An unprecedented amount that would bankrupt a large country? Hardly - roughly the GDP of Azerbaijan.

Phew that's a relief - only £1,200+ per working household per year and rapidly rising - absolute bargain.

beingjdc

Old_Slaphead wrote: »

Phew that's a relief - only £1,200+ per working household per year and rapidly rising - absolute bargain.

No, not rapidly rising. That's "at today's prices" as an average over the next 30 years. If you think it's rapidly rising then it has to be much less today to reach that average. How much do you think the average household pays for private sector pensions through companies either needing to charge higher prices and pay current employees less to pay the pensions, or else needing to charge customers more to make higher profits to pay out the yields that the pension funds need to keep the cashflow positive?

Let's assume the state employs 1 in 3 people, and the liabilities in cash requirement terms are merely the same in the private sector as in the public sector. If we can discharge all our pension liabilities, public and private, for the next 30 years with an average cost per working age household of only £300 a month (misleading really as pensioners pay tax too - VAT at least, but some get enough to pay income tax), we'll have got off very lightly indeed, considering how many pensioners and how few workers there are going to be.

treliac

beingjdc wrote: »

No, not rapidly rising. That's "at today's prices" as an average over the next 30 years. If you think it's rapidly rising then it has to be much less today to reach that average. How much do you think the average household pays for private sector pensions through companies either needing to charge higher prices and pay current employees less to pay the pensions, or else needing to charge customers more to make higher profits to pay out the yields that the pension funds need to keep the cashflow positive?

Let's assume the state employs 1 in 3 people, and the liabilities in cash requirement terms are merely the same in the private sector as in the public sector. If we can discharge all our pension liabilities, public and private, for the next 30 years with an average cost per working age household of only £300 a month (misleading really as pensioners pay tax too - VAT at least, but some get enough to pay income tax), we'll have got off very lightly indeed, considering how many pensioners and how few workers there are going to be.

Could you become a government consultant on this please?

MrsE_2

Public sector workers do make pension contributions. This seems to be overlooked on here. I know pension-wise we get a good deal, but there are perks in other jobs that we don't get.