Skip to main content

Public sector pensions

On Saturday, the press reported a massive protest in Dublin against the worsening state of the economy

Despite the coverage, it would seem that not many on this side of the Irish Sea are too sure what the strikes are about as the news coverage has been scant to say the least.

Having been over in Ireland recently, it would seem that the row is all about public sector pensions or, actually who should pay the pensions.

Simply put, the government has decided that it will save money by getting public sector workers to pay more of their share of their pension. Essentially this means that the state pays less into the pension and that this is compensated directly from the workers' monthly salary.

This means, of course, that the take-home pay is then reduced, although it is not strictly a pay cut as the money is put into the individual's pension pot.

As a result, around £1.2 billion pounds will be saved by the State not paying into the pension scheme.

Not surprisingly, as shown on Saturday, there has been a massive backlash to these proposals.

However, given that there has been growing concern about the state of public sector pensions in the UK, how soon before such a move is considered by the UK Government as public finances run out of control?

Comments

Anonymous said…
Wow.... I've seen the TV coverage of this, but assumed it was just a load of the "usual suspects".

Some coverage here...
http://www.irishtimes.com/newspaper/frontpage/2009/0223/1224241665700.html?via=mr

DJ
February 23, 2009 10:13 am
Anonymous said…
the sooner the better
February 23, 2009 10:48 am
Post a Comment

Popular posts from this blog

THE IMPORTANCE OF FRANCHISING

When we talk about start-ups and entrepreneurship, rarely do we discuss the potential of franchising not only as a way of establishing new ventures in the economy but also as a method of growing existing businesses. According to the British Franchising Association, franchising is the granting of a licence by one person (the franchisor) to another (the franchisee), which entitles the franchisee to own and operate their own business under the brand, systems and proven business model of the franchisor. The franchisee also receives initial training and ongoing support, comprising all the elements necessary to establish a previously untrained person in the business. This enables individuals to start their own businesses without having to develop their own ideas and utilising an existing brand and established market. Of course, whilst each franchise business is owned and operated by the franchisee, the franchisor controls the quality and standards of the way in which the business is...
Read more

THE IMPORTANCE OF THE CREATIVE CLASSES

One of my favourite academic books of the last two decades must be the “Rise of the Creative Classes” by Professor Richard Florida.  This was one of the first detailed studies of the growing group of individuals who use their creativity and mental labour to earn a living and not only included those in arts and entertainment, but also people working in science and technology as well as knowledge-based professions such as healthcare, law, business, and finance.  Fast forward to 2022 and Professor Florida has written an updated report on the creative classes although he and his team now identify a different type of individual who is taking full advantage of the growth in digital platforms, social media, and online marketplaces.  Such ‘creators’ are defined as those who use digital technology to make and publish unique creative content, whether in the form of video, film, art, music, design, text, games, or any other media that audiences can access and respond to.  They ...
Read more

THE CRACHACH

Unlike me, do you consider yourself part of 'the establishment' here in Wales?  As thousands gather for the Eisteddfod in Mold this morning, they will, according to some social commentators, not be participating in the greatest cultural festivals of Europe. Instead, they will merely be bit-part players in one of the annual gatherings of the great and good of Wales.  Unkindly, this set of the movers and shakers in Welsh society is known as 'the crachach' , and constitute a social class all of their own, dominating the educational, cultural and media sectors of Wales and allegedly looking down upon any outsider with new ideas, reinforcing mediocrity and failing to see beyond the limits of their own narrow experience.  They are said to live in a comfort zone that awaits the expected invitation to the next glass of chilled chardonnay and canapés, forgetting that due to their lack of leadership and drive, Wales remains firmly rooted to the bottom of the UK prosperity league ...
30 comments
Read more