Currently I am looking to leave the PS to start a new career in tech in the private sector (I want something more long-term and satisfying)
What could be more long term than the public sector ?
I have never worked in the public sector, but I would have thought that it provided a career more than a job to a much greater extent than the private sector.
Pay increments, a structured ladder of promotion, promotion based on objective competitive criteria, training opportunities.
While this may be true right now, you are talking long term right ? I'm not sure how qualified you are but with a few years under your belt you could earn more than 55k and would be able to add more to your future pension. The problem here is do you have a degree under your belt ?The way it was laid out for me by a financially literate acquaintance is; if I'm on €45k in the PS with a DB pension, then I would have to get a job worth €55k in the medium term, in order to not be at a financial loss overall.
While this may be true right now, you are talking long term right ? I'm not sure how qualified you are but with a few years under your belt you could earn more than 55k and would be able to add more to your future pension. The problem here is do you have a degree under your belt ?
But what is your human capital in the tech industry against the public service ie how much could you potentially earn in either careers?
And don't worry about being down financially in the initial years. If there is potential and you are doing a job you love, isn't that better?
The cost of the public service pension will be massive. You have 30 years service left to give, so if you end up on €60,000, that's €22,500, less State pension of €12,000 = €10,500. You are also giving up the tax free lump sum of €67,500. The cost of the pension you are giving up is €438,200.
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