Saturday, August 11, 2007

One For You And Three For Me

Sliced up a treat
We've blogged the grossly unpalatable issue of public sector pensions many times (eg see here). During the week, the Lib Dems calculated that for every £1 a private sector employee pays into his or her pension, he has to pay 81p to fund public sector pensions. More than a tad unfair, especially when you recall there are four private sector workers for each one in the public sector.

But now consulting actuaries Watson Wyatt point out that, on this basis, the real burden of public sector pensions is even higher. They say:

"In fact, for every pound paid by private sector workers into their own pension, they will have to pay £2.99 to cover the promises of public sector pensions being made in taxpayers' names today."

Three to one.
And remember, far from tackling the issue by increasing the public sector pension age beyond 60, all this government has done is to increase the burden even further by adding 600,000 to their payroll.

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