Tuesday, March 28, 2006

Workers In The Vineyard


Thrusting young investment bankers of my acquaintance like to amuse themselves by calculating what they're being paid. Not how much, you understand, but how little.

It goes like this. Straight out of college your novice banker can expect a base salary of £35-40 grand. Plus a bonus after 12 months of maybe another £30 grand. Not bad you say. But what they say is that, to get the job, they've literally had to kill and eat a thousand other applicants. What's more, once signed they discover they're expected to work 100 hour weeks, chained in semi darkness to the oars of everlasting number-crunching and pitch-books. And they only get the bonus in the unlikely event they're still alive after 12 months (see the hilarious Monkey Business for full details).

So £35,000 pa is £673 pw. On an hourly basis that works out at just £6.73, only just above the minimum wage. Is you heart bleeding?

I thought of this today as I listened to a public sector union chief explaining why today's strike over pension rights was justified. He recognised that most private sector pension schemes don't give nearly such good benefits as those public sector schemes providing index-linked final salary pensions at 60. But he said that was recompense for much lower public sector pay.

Hmm.

The facts are different. According to the Office for National Statistics (see here) full-time median gross annual earnings in 2005 were £24,344 in the public sector and only £22,247 in the private- a gap of almost 10%. And in terms of hourly rates, the gap is even bigger, at 25%. That's because full-time public sector workers put in about 3 hours a week less than private sector- 37 rather than 40. And the median public sector rate per hour is £12.48- way more than those knackered investment bankers.

We've blogged about the public sector pension crisis before. We taxpayers simply cannot afford the current arrangements, whatever the unions say. It is wildly unfair for private sector workers- whose own deficit laden final salary pension schemes are busy slashing entitlements- to be forced to work til they drop in order to pay for continued public sector largesse.

Of course, the government has already flunked the challenge with centrally employed civil servants, so we'd better not hold our breaths.

2 comments:

  1. Nếu có nhu cầu vận chuyển hàng từ nước ngoài về Việt Nam, hoặc là từ Việt Nam. Hãy đến với chúng tôi. Hiện chúng tôi đang cung cấp các dịch vụ như sau.
    Dịch vụ chuyển hàng đi pháp, mua hàng mỹ, vận chuyển hàng đi úc, nhận order hàng uk,...
    Ngoài ra khi bạn cần chuyển hàng ra nước ngoài. Hãy nhớ đến chúng với vì chúng tôi nhận gửi hàng đi mỹ giá rẻ, gửi hàng đi cộng hòa séc, gửi hàng đi anh, gửi hàng đi nhật bản, gửi hàng đi hàn quốc và vận chuyển hàng đi canada. Hãy nhớ đến chúng tôi khi bạn cần nhé.

    ReplyDelete
  2. Mất ngủ là bệnh phổ biến hiện nay và bất cứ ai cũng có thể mắc phải và những bà bầu cũng không thoát khỏi cảnh bị bệnh mất ngủ . mất ngủ có ảnh hưởng đến thai nhi không là câu hỏi được nhiều người hỏi. Vậy nguyên nhân mất ngủ khi mang thaihay buồn ngủ là bệnh gì. Vậy có cách chữa bệnh mất ngủ hiệu quả nhất , cách trị chứng mất ngủ hiệu quả và an toàn nhất . Cùng đi tìm hiểu nhé.

    ReplyDelete