300,000 jobs in public sector face the axe

treliac

i8change wrote: »

marklv will be fine.

The reality is that there are plenty like me, approaching 50, that will be queuing up for the original, legally binding and generous, redundancy terms, on a voluntary basis.

For the rest, most "pre-surplus" government workers will be moved to other government agencies and natural wastage allowed to take its course.

Free money from bendix taxpayer types and plenty of time for my hobbies is a real sweetner.

What a gentle wind-up!

I'm sure you've earned your 'package' - hope you get it!

headcone

headcone wrote: »

Hear Hear,

Thank god that when the Socialist banking system failed,the capitalist calvalry selflessly galloped to the rescue breaching the defences and saving us all. HURRAH.

I`m still waiting for the Capitalists to be be recognised for their magnamanity.

kriss_boy

donaldtramp wrote: »

Because you've been living on the back of other people and taking money from their tax to fund and guarantee your "good pension" perhaps?

Other people have to work and provide for families as well. Most of us are now unhappy that we have been taking all the pain, paying the public sector's wages and pensions whilst they avoid all of the pain.

Time for a reality check.

Is it really a good pension nowadays?

My dads paid 6% of his salary for 40 years to get a lump sum of around 30K and a pension of around £800 per month. Shall I tell you what my relatives in the NHS and police are getting? Try multiplying the lump sum 5 fold just for starters.

thescouselander

donaldtramp wrote: »

Because you've been living on the back of other people and taking money from their tax to fund and guarantee your "good pension" perhaps?

Other people have to work and provide for families as well. Most of us are now unhappy that we have been taking all the pain, paying the public sector's wages and pensions whilst they avoid all of the pain.

Time for a reality check.

If the pension in the public sector was so good why doesn't everyone want to work there - I'll tell you why, its because the package you could get in the private sector is often as good or better. Just like any other employer the public sector has to offer a package of conditions that is equivalent to the market rate for the work.

Personally I don't care the tax payer has to pay my pension and pay - I earned it by working hard and providing a valuable service to keep the country running.

It does sound like you have a chip on your shoulder - whats the problem? Perhaps you tried to get a public sector job but weren't good enough to get in.

jonewer

headcone wrote: »

Hear Hear,

Thank god that when the Socialist banking system failed,the capitalist calvalry selflessly galloped to the rescue breaching the defences and saving us all. HURRAH.

....no suprise that the wonderful cavalry bailed out mainly Scottish and northern banks... wonder why that could be? The government should have just let them go bust instead of risking the entire country going bust in order to preserve the votes of their friends in the north.

And wouldnt it have been nice if the cavalry had bailed out Rover, who actually made useful stuff that we could sell? Of course, the board of Rover werent Scottish, nor were they appointed special advisor to the treasury by you-know-who, nor were they given a knighthood by him either.....

custardy

JasonLVC wrote: »

I recall the last government had an opportunity to cut costs rather than cut jobs, but they chose to ignore that.

That's not a go at Brown personally, but at the first hint of cutting those final salary pensions, cutting those bonuses for top civil servants and some redundancies and the unions were rattling sabres - we've already had public sector strikes earlier this year (job centres/HMRC), not that anyone cared or noticed.

So whilst I agree cost cutting is preferable to job cuts, you only need to look to BA staff who are striking over a PAY RISE (and the postal workers who got a pay rise but didn't want to be more efficient) to see how futile any attempt to 'overall' the public sector would be.....hence cuts will be the cleaner and easier approach.

thats not the deal is saw?

MissMoneypenny

My mother worked for the civil service for years and always said that when Labour was in power they had an easy time at work and when the Conservatives came in, they had to work.

Many state workers who think that they have been working hard but have only ever known Labour in power, will be in for a bit of a shock.

custardy

donaldtramp wrote: »

500 people at my work recently got the sack. They got no warning and no 6 month wage pay off that the public sector are "entitled" to in many cases. They haven't been in receipt of taxpayer money for their pensions whilst in employment. They didn't threaten to go on strike and hold their employers and the public to ransom.
They just got on and went to look for other jobs.

Private sector employees are people too. Just a bit less "equal" than the public sector.

so where did it get those 500?

custardy

izzybusy23 wrote: »

Hate to admit it but you are right.. we are going through a restructure at work (Gloucestershire council) and there will definately be redundancies; however, if I am one of those, the housing benefit will look after me as I am a single parent with a young child in a private rental. And I will get Income Support and CTC too.. so I won't be any worse off if I was laid off. BUT I want to work; and I am looking for another job before the cull begins as I don't want to be a stay at home layabout on benefits..

Making me redundant in one hand and giving it to me back in benefits = crazy.

exactly my point,I mean rent can easily be over £1K a month alone
so if you are talking about someone on the £20K salary area,it could actually cost more money than keeping the job

princeofpounds

If the pension in the public sector was so good why doesn't everyone want to work there - I'll tell you why, its because the package you could get in the private sector is often as good or better. Just like any other employer the public sector has to offer a package of conditions that is equivalent to the market rate for the work.

Well we can estimate quite roughly how good state pensions are. Here is a worked example for the NHS...

Assume a 'special class' employee (i.e. someone who joined before 95). They can retire at the age of 55, but let's say they work until 60 to get their maximum entitlement (40 years). Let's also assume a salary of 30k, which isn't far off the national average for public sector workers and is a nice round number.

The calculator below indicates that the retiree gets 45k lump sum plus 15k per year (index linked!)for life.
http://www.nhspa.gov.uk/PDweb/PensionCalculators/StandardPension/index.htm

So how much is this worth in today's money? Well, the 45k is easy, but the annuity required a bit more maths.

Thankfully best buy annuity rates are published which means that the private pension providers have gone out and done the maths for us (so I can spare you the annuity valuation calculation!), and on the FT website I can see that a single life annuity, RPI-linked, for a 60 year old man is 3.58%.

So to replicate the £15k per year on a commercial basis you would need a capital sum of 15/0.0358 = £419000. Add on the 45k and you are looking at £464k.

Four hundred and sixty-four thousand pounds. For someone who only reached a salary of £30k in their last three years of work (meaning their career-average earnings in today's money was probably much lower).

This is more than the cost of an average house, in fact it's nearer the cost of two average houses! You should see what the calculations looks like for early retirees with high salaries, like police and military personnel.