|Unionized Government Workers get Gold Plated Pensions and the|
costs are totally out of control.
Taxpayer Rape - Where is it written that the purpose of government is to allow union workers to retire at age 60 and sit on their ass for the next 30 or 40 years?
Private sector staff would have to contribute a third of their salary to get the same level of gold-plated pension as unionized state workers – and that is after controversial reforms, analysis revealed.
Public sector staff will get a pension worth two thirds of their average salary, despite the fact most will contribute less than 10 per cent of their pay towards it, reports the UK Daily Mail.
A Treasury analysis has found that a private sector worker would have to build up a six-figure pension pot, eating up a third of their salary every month, to get the same benefit as their public sector counterpart.
Missing out: Millions of private sector workers who earn more than those in the public sector are receiving smaller pensions, with some having to contribute a third of their salary to match the pots of their counterparts
The figures in the chart blow a massive hole in the unions’ argument that proposed reforms – which will see state workers paying more of their salary into their pension funds – represented a bad deal for their members.
Ministers want public sector workers to work beyond the age of 60, in line with those in the private sector. And they say contributions should rise by 3.2 percentage points – meaning teachers will pay 9.2 per cent and nurses 8.2 per cent.
But Treasury calculations, unveiled yesterday, show that someone seeking a similar pension from a private plan would have to contribute a much greater percentage of their salary – about a third. The Treasury source said it was only high-paid public-sector staff who would see the level of their pensions fall.
Public sector pensions will continue to be more generous than private sector ones because employers such as councils and NHS trusts – funded by taxpayers – will still contribute a large percentage.
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