In private industry, you have to EARN your pay rise. My company only increases salaries based on the previous year's inflation, any other increments in addition to that has to be earned. Before anyone asks the usual deflective question and resorts to whataboutery, the reason I'm not a teacher is because i have only a level 7 in a subject not recognised by the TUI and I earn more than what a teacher would earn anyway for the number of years I've been working ... but you better believe I earned that salary.
They are overpaid compared to what they would get without a union holding their employer and children's education to ransom. Private sectors will pay what they can to stop a competitor poaching staff. How many teachers have you heard of leaving for the private sector?
Why should teachers' salaries increase year on year simply for hanging around? The max pay scale is €70,000 !!!! For no increase in responsibilities.
When they retire, they will get half this (€70,000 plus a lump sum of 1.5 so €105,000).
Private annuities are paid at roughly 3.5% of the pot with a lump sum of 20% tax free. For a private sector worker to get the same pension benefits as teachers you'd need well over €1million in your pension fund and even that isn't guaranteed. Private funds can be ravaged by inflation, the market or raided by the government teachers is safe as houses.
Teachers pensions in retirement increase yearly with inflation and in line with teachers' pay rises.