The 5 that are leaving are they staying in the profession and moving to other locations.
The 5 that are leaving are they staying in the profession and moving to other locations.I don't think anyone sensible would advocate this. Making housing more affordable for essential key workers would be a better approach. We are loosing 5 teachers this year from a total of 14. They are all leaving the city because of unaffordable housing.
I suppose it's the frustration with the inefficient delivery of services, the lack of accountability, the waste and the fact that the PS/CS unions are in the media all the time moaning and complaining and deflecting and lying and occasionally threatening the country with strikes.I have worked in poorly paid jobs and I don't have a job for life, that's an outmoded belief. As it happens and I can be let go from my job. You seem to have a bias and it comes across as a bitterness and it it's pretty blatant at this stage. Why are you so fascinated by P.S.
Why not go after the high earners in PS/CS . Many of my self employed friends and family seem to feel hard done by by comparison to public servants. On the outside people think its a golden pension and sitting with your feet up - that's only for the upper echelons. C.S P.S language is based on British Civil Service going back to the 1900's.
A smaller cut in pay that caused a corresponding reduction in pensions for the real gold plated pre-95 State sector pensioners would have been much fairer. That said even still State employees don't pay enough to come anywhere close enough to funding their pension. That should be seen in the context that as a cohort private sector employees don't pay enough to fund their State pension either.Yes much of it the language around pay is semantics I have to agree with you there, For Example Pension Related Deduction - which is a substantial levy a deduction which does not go towards a pension.
Yes. Three are moving to rural areas and two are going to the UAE to save towards a deposit for a house.The 5 that are leaving are they staying in the profession and moving to other locations.
State employees pay more towards the portion of their pension that comprises the state pension than other workers do. For lower paid CS/PS the state pension element is often approx 50% of their pension. (assuming an annual pension of €26,000 which for those on the career average single scheme would require long service for a mid ranking CS worker.) Those outside the CS/PS pay PRSI contributions alone to "fund" their state pension. This is completely inadequate which you have acknowledged.That said even still State employees don't pay enough to come anywhere close enough to funding their pension.
Are you saying that they pay enough to fund 50% of their State pension?State employees pay more towards the portion of their pension that comprises the state pension than other workers do. For lower paid CS/PS the state pension element is often approx 50% of their pension. (assuming an annual pension of €26,000 which for those on the career average single scheme would require long service for a mid ranking CS worker.)
I agree. The average private sector employee comes nowhere close to funding their State pension, especially considering the other things PRSI funds.Those outside the CS/PS pay PRSI contributions alone to "fund" their state pension. This is completely inadequate which you have acknowledged.
They are paying 6.5% of their salary plus A rate PRSI towards that element of their pension. Whether they are paying enough depends on how long they live, whether they are single/married etc .There is cohort who will pay more into their pension than they will ever be allowed to claim. If you are single, you cannot nominate anyone to claim your pension in the event of your death apart from your lump sum entitlement which goes to your estate. A single PS/CS worker who dies within a couple of years of retirement will have paid substantially more than they will ever claim.Are you saying that they pay enough to fund 50% of their State pension?
Totally agree with this. I have a friend who works in the private sector as an accountant. She was made redundant after 12 years working in a US multinational. The redundancy she received was in excess of my expected pension lump sum although admittedly only a portion of it was funded by the state. She was re-employed in a matter of months and will be entitled to the full contributory state pension. That's what I call "bang for your PRSI contributions"!The average private sector employee comes nowhere close to funding their State pension, especially considering the other things PRSI funds.
That's the case with any pension but the average actuarial cost of the pension is much higher than the contributions that are made.They are paying 6.5% of their salary plus A rate PRSI towards that element of their pension. Whether they are paying enough depends on how long they live, whether they are single/married etc .There is cohort who will pay more into their pension than they will ever be allowed to claim. If you are single, you cannot nominate anyone to claim your pension in the event of your death apart from your lump sum entitlement which goes to your estate.
A single PS/CS worker who dies within a couple of years of retirement will have paid substantially more than they will ever claim.
Yes, but if I contribute to a private pension as a single person my contributions are not lost on my death?hat's the case with any pension but the average actuarial cost of the pension is much higher than the contributions that are made.
The employer funds the full cost of redundancy payments unless they can show that they are unable to do so due to bankruptcy/ insolvency etc. The employer gets absolutely nothing back for the 8.8% to 10.5% PRSI contribution that they pay.Totally agree with this. I have a friend who works in the private sector as an accountant. She was made redundant after 12 years working in a US multinational. The redundancy she received was in excess of my expected pension lump sum although admittedly only a portion of it was funded by the state. She was re-employed in a matter of months and will be entitled to the full contributory state pension. That's what I call "bang for your PRSI contributions"!
Your Fund value will be paid to your estate but if you are retired your pension dies with you. If you have a spouse and you want them to retain your pension you have to purchase a joint life annuity but that's expensive so will result in a smaller pension. If you so not have a spouse your pension dies with you. In the State sector there is usually a Death in Service benefit which is very valuable.Yes, but if I contribute to a private pension as a single person my contributions are not lost on my death?
Yes, but this is a significant difference between a public and private sector pension for a single persion. There is no fund for PS workers but their contributions over up to 40 years will not be accounted for apart from their lump sum upon their death. Agree "Death in service" is valuable for your family if you are unfortunate enough to die before retirement!Your Fund value will be paid to your estate
I am no expert on redudancy payments but I have heard of companies matching the state contribution? Perhaps I am mistaken? Apologies I have again taken the thread off topic!The employer funds the full cost of redundancy payments unless they can show that they are unable to do so due to bankruptcy/ insolvency etc
But the value of their pension far exceeds the contributions they will have made during those 40 years. If you were funding your own pension of €30k you'd have to be contributing around €1500 a month for 40 years.Yes, but this is a significant difference between a public and private sector pension for a single persion. There is no fund for PS workers but their contributions over up to 40 years will not be accounted for apart from their lump sum upon their death.
It certainly is.Agree "Death in service" is valuable for your family if you are unfortunate enough to die before retirement!
The State pays nothing unless the employer has gone bust.I am no expert on redudancy payments but I have heard of companies matching the state contribution? Perhaps I am mistaken? Apologies I have again taken the thread off topic!
Would they not consider marrying someone about 40 years younger than them so they could benefit. A purely financial arrangement I mean.If you are single, you cannot nominate anyone to claim your pension in the event of your death apart from your lump sum entitlement which goes to your estate.
Again you are forgetting to subtract the contributory pension. How much would it cost to fund €17,000?ut the value of their pension far exceeds the contributions they will have made during those 40 years. If you were funding your own pension of €30k you'd have to be contributing around €1500 a month for 40 years.
But the value of their pension far exceeds the contributions they will have made during those 40 years. If you were funding your own pension of €30k you'd have to be contributing around €1500 a month for 40 years.
No, I've a high regard for the Irish Civil Service. I think they do a good job, are significantly under staffed and at the higher levels significantly under paid.
Which is also the same for any employee that benefits from an employer contribution to their pension.But the value of their pension far exceeds the contributions they will have made during those 40 years