Best Career : Employment rate and Pay

HerrKuehn

AndrewJRenko wrote: »

Not an option for anyone in the public sector

Get your union to push to be allowed opt out of the single public sector pension scheme. I suspect very few will take the option if it was available.

addaword

HerrKuehn wrote: »

Get your union to push to be allowed opt out of the single public sector pension scheme. I suspect very few will take the option if it was available.

Andrew Renko does not understand the public service pension of 18 months pay tax free lump sum on retirement and pension of half pay is a hell of a lot better than the pathetic pension most people in the private sector have.

skooterblue2

skooterblue2 wrote: »

Forget the job pension, go look after your own investments and private pension if you are planning on living after 65.

AndrewJRenko wrote: »

Not an option for anyone in the public sector

Investments and an additional pension (AVC) aren't an option? Why?

Kamu

addaword wrote: »

Andrew Renko does not understand the public service pension of 18 months pay tax free lump sum on retirement and pension of half pay is a hell of a lot better than the pathetic pension most people in the private sector have.

And that pension is for anyone who started pre-95, which was 25 years ago. Anyone who started after that time will not be getting the pension you describe.

Kamu

Augeo wrote: »

Investments and an additional pension (AVC) aren't an option? Why?

He means that, in response to the previous poster saying to look after our own investments, as a public servant we have no option but to pay into our public service pension, and as such, if we are to look into AVC's that will be on top of what we already pay into a pension.

As you well know.

Treppen

addaword wrote: »

Andrew Renko does not understand the public service pension of 18 months pay tax free lump sum on retirement and pension of half pay is a hell of a lot better than the pathetic pension most people in the private sector have.

Why what's your pension like?

addaword

addaword wrote: »

Andrew Renko does not understand the public service pension of 18 months pay tax free lump sum on retirement and pension of half pay is a hell of a lot better than the pathetic pension most people in the private sector have.

The private sector needs to educate themselves to the merit of pension savings.
Anyone ending up with a pathetic pension relative to their wages is after being negligent IMO.

HerrKuehn

Augeo wrote: »

The private sector needs to educate themselves to the merit of pension savings.
Anyone ending up with a pathetic pension relative to their wages is after being negligent IMO.

That is true. Also any comparison of private sector to public sector pay should take into account the true value of the public sector pension. Not like the last benchmarking exercise.

Blondini

addaword wrote: »

Andrew Renko does not understand the public service pension of 18 months pay tax free lump sum on retirement and pension of half pay is a hell of a lot better than the pathetic pension most people in the private sector have.

How do I join this this amazing freemasons society?

Must be some sort of big secretive club only available to the ...

Oh hold on, here it is : publicjobs.ie

Knock yourself out.

AndrewJRenko

HerrKuehn wrote: »

That is true. Also any comparison of private sector to public sector pay should take into account the true value of the public sector pension. Not like the last benchmarking exercise.

And should also take into account all the benefits available in the private sector, like free disability insurance, stock options, stock purchase schemes, employee purchases, Xmas parties and other junkets etc.

AndrewJRenko

Augeo wrote: »

Investments and an additional pension (AVC) aren't an option? Why?

There is no option to opt out of public service pension schemes.

AndrewJRenko

AndrewJRenko wrote: »

And should also take into account all the benefits available in the private sector, like free disability insurance, stock options, stock purchase schemes, employee purchases, Xmas parties and other junkets etc.

Not many van drivers, retail workers, builders, trades folk get any of that to be fair.

A meal out and a few drinks at Christmas isn't exactly pocket lining.

What's free disability insurance?

AndrewJRenko

AndrewJRenko wrote: »

And should also take into account all the benefits available in the private sector, like free disability insurance, stock options, stock purchase schemes, employee purchases, Xmas parties and other junkets etc.

If they applied yes, of course. But PS pensions are ubiquitous whereas most of the above are nowhere near as prevalent. What even is disability insurance?!?

AndrewJRenko

AndrewJRenko wrote: »

There is no option to opt out of public service pension schemes.

True, but you can still invest your wages like anyone else can and you can also avail of tax relief on AVCs.

You are hardly suggesting you want to opt out of the public service pension are you?

AndrewJRenko

AndrewJRenko wrote: »

There is no option to opt out of public service pension schemes.

Do you know what AVCs are?

AndrewJRenko

Augeo wrote: »

Not many van drivers, retail workers, builders, trades folk get any of that to be fair.

A meal out and a few drinks at Christmas isn't exactly pocket lining.

What's free disability insurance?

No, those sectors often have other benefits like under the table cash payments and bonuses.

Free disability insurance is fairly standard in multinationals, so if you do find yourself facing a permanent disability that stops you from working, you are covered with a partial salary for life.

Public servants pay for this cover (around 1% of salary) or risk life in penury on disability allowance. See Oracle for example.

https://www.oracle.com/ie/corporate/careers/benefits/

AndrewJRenko

Augeo wrote: »

True, but you can still invest your wages like anyone else can and you can also avail of tax relief on AVCs.

You are hardly suggesting you want to opt out of the public service pension are you?

The post that I responded to was ; "Forget the job pension, go look after your own investments and private pension if you are planning on living after 65.".

This is not an option for public sector staff. You can't opt out of the pension and choose to look after your own investments.

AndrewJRenko

AndrewJRenko wrote: »

No, those sectors often have other benefits like under the table cash payments and bonuses.

Free disability insurance is fairly standard in multinationals, so if you do find yourself facing a permanent disability that stops you from working, you are covered with a partial salary for life.

Public servants pay for this cover (around 1% of salary) or risk life in penury on disability allowance. See Oracle for example.

https://www.oracle.com/ie/corporate/careers/benefits/

I'd have known that as Permanent Health Insurance. Very expense, not all employees in MNs would have it. Mostly senior staff as part of a package.

AndrewJRenko

AndrewJRenko wrote: »

No, those sectors often have other benefits like under the table cash payments and bonuses.

Free disability insurance is fairly standard in multinationals, so if you do find yourself facing a permanent disability that stops you from working, you are covered with a partial salary for life.

Public servants pay for this cover (around 1% of salary) or risk life in penury on disability allowance. See Oracle for example.

https://www.oracle.com/ie/corporate/careers/benefits/

If you reckon van drivers & retail workers have benefits like under the table cash payments and bonuses and the public service pension is holding you back why don't you throw your CV into Dunnes/SuperValu/Argos etc and get your piece of the pie?

A job in the public service doesn't have to be for life

AndrewJRenko

[Deleted User] wrote: »

If they applied yes, of course. But PS pensions are ubiquitous whereas most of the above are nowhere near as prevalent. What even is disability insurance?!?

PS pensions aren't ubiquitous. Lots of entry level staff, particularly women who had family duties, end up with little or no occupational pension, despite having paid mandatory deductions throughout their career.

AndrewJRenko

AndrewJRenko wrote: »

..................

Free disability insurance is fairly standard in multinationals, so if you do find yourself facing a permanent disability that stops you from working, you are covered with a partial salary for life............

There's nothing free in the private sector, it's part of the package, multinationals don't decide on a remuneration package and then throw in some "free" stuff on top.

AndrewJRenko

[Deleted User] wrote: »

I'd have known that as Permanent Health Insurance. Very expense, not all employees in MNs would have it. Mostly senior staff as part of a package.

Not in my experience. In fact, if they restrict it to senior staff, I think that triggers BIK for recipients.

If you look at glassdoor and payscale.com, you will see it listed as a benefit for Microsoft, LinkedIn, IBM, GSK, J&J and many more.

AndrewJRenko

Augeo wrote: »

If you reckon van drivers & retail workers have benefits like under the table cash payments and bonuses and the public service pension is holding you back why don't you throw your CV into Dunnes/SuperValu/Argos etc and get your piece of the pie?

A job in the public service doesn't have to be for life

I don't like parking on footpaths and cycle lanes, so it's probably not the life for me, thanks.

AndrewJRenko

Augeo wrote: »

There's nothing free in the private sector, it's part of the package, multinationals don't decide on a remuneration package and then throw in some "free" stuff on top.

Just like the public sector then.

AndrewJRenko

AndrewJRenko wrote: »

........... In fact, if they restrict it to senior staff, I think that triggers BIK for recipients.............

I doubt that's true..........

Employer contributions

Your employer may contribute to an approved scheme on your behalf. You must pay USC on these contributions.

PAYE and PRSI does not apply where the combined contribution (employee and employer) does not exceed 10% of the employee's income. Any excess over 10% should be put through the payroll and PAYE and PRSI paid on that amount.

Where the premiums are for an unapproved policy or scheme, the premiums paid by the employer are taxable as Benefit in Kind (BIK).

AndrewJRenko

AndrewJRenko wrote: »

PS pensions aren't ubiquitous. Lots of entry level staff, particularly women who had family duties, end up with little or no occupational pension, despite having paid mandatory deductions throughout their career.

People that pay mandatory deductions will have a pension.

AndrewJRenko

[Deleted User] wrote: »

People that pay mandatory deductions will have a pension.

Depends on their career average earnings.

AndrewJRenko

AndrewJRenko wrote: »

No, those sectors often have other benefits like under the table cash payments and bonuses.

Free disability insurance is fairly standard in multinationals, so if you do find yourself facing a permanent disability that stops you from working, you are covered with a partial salary for life.

Public servants pay for this cover (around 1% of salary) or risk life in penury on disability allowance. See Oracle for example.

https://www.oracle.com/ie/corporate/careers/benefits/

Augeo wrote: »

There's nothing free in the private sector, it's part of the package, multinationals don't decide on a remuneration package and then throw in some "free" stuff on top.

AndrewJRenko wrote: »

Just like the public sector then.

Well, you're the one reckoning there is free stuff in the private sector, free and fairly standard was how you described it

AndrewJRenko

AndrewJRenko wrote: »

Depends on their career average earnings.

But, they will have a pension. You cannot take money off someone for as a pension contribution and then don't give the benefit.

AndrewJRenko

[Deleted User] wrote: »

But, they will have a pension. You cannot take money off someone for as a pension contribution and then don't give the benefit.

You absolutely can - public sector pension deductions are made on every payslip - totally independent of any decision on pension payments.