Davy Stockbroker salary cuts: an example 2the civil service?

[Dublinguy]

With regards to the pensions anyone who has a mathematical brain and actually thinks about it will tell you that a DB scheme is not capable of being funded unless you take approx 25% of peoples salaries and invest them which is unrealistic and unacceptable.

That's utter bunk.

Again if you think these are the pensions to be had and they can't be covered by a defined contribution pension (whereby you get back what is invested) then please explain where the funding can/will come from?

Where do you think it's coming from now?

Please tell me then how someone who starts off on a low salary can then fund the cost of a pension based on a final salary he will be earning in 40 years time without putting in a significantly large portion of the salary from the start to fund it - It cannot be done.

Private sector firms have pulled out of DB schemes due to the cost fact which is unbearable. Public sector schemes are being funded out of current revenue rather than out of a fund (which is illegal in the private sector due to Accounting Standards).

[Dublinguy]

With regards to the CSO figures - Civil Service avg wages are higher than all the other sectors - the comparison is between the Civil Service and each of the other categories

.

Show me a like for like comparison of ANY job within the civil service that pays 49% above the going rate of the exact same job within the Private sector. That’s ANY job.

You quite clearly refuse to accept what the CSO etc state that doesn't fit in with your view that the public sector are poor put upon workers and when Benchmarking state that only 10% of roles are paid below I suppose that is not accurate either???

I refuse to accept your rudimentary interpretation of them which has time and time again been exposed as simplistic hovel.

The challenge has been put to you to show me a like for like comparison of ANY job within the civil service that pays 49% above the going rate of the exact same job within the Private sector. If this is what you want people to consider what the CSO figures represent, back it up with a clear non-ambiguous example.

The CSO says the avg salary per hour for a public sector worker compared to the avg salary per hour for a private sector worker shows a difference of 49% in favour of the public sector worker.....and yet all we here is the poor public sector worker gets paid less etc....It isn't that in a specific job that this is the case....You clearly stated that the CSO never claimed this and I proved they have. Why don't you tell me what that means then???

If the avg public sector salary is higher than the avg of practically every private sector role (again according to the CSO) then it is obvious that the public sector worker can't be underpaid in comparison.

[zakalwe]

1. wrong, companies cannot operate DB pensions anymore under current regulations.

Christ almighty but this is getting tedious, there is no legislation preventing a DB pension scheme. NONE, all you have provided are excuses not prohibitive legislation that makes the setting up of a DB scheme an offence.

Now either provide the relevant legislation that clearly prohibits such and defines such an action an offence or go away.

2. the civil service does get bonuses. as proved by the posts above.

A tiny, tiny minority the civil service who are the most senior grades. They represent less than 0.1% of the workforce employed in the civil service. The post above does not prove that the civil service gets bonuses, it alludes to the different renumeration and terms and conditions afforded to the top brass. It is as much a source of consternation within the Civil Service as it is without.

Your attempt at turning the tables is also laughable, I am not attacking the Private sector or whinging about the terms and conditions for Private sector employees including their bonuses. You are the one whinging about the terms and conditions within the Civil Service because of a sense of begrudgery, it is you who feels aggrieved and therefore the onus is on you to do something about it.


[quote:2m705z32]how can you say that most civil servants are "professional grades" (yet seem to act as unruly students) yet bank employees, retail staff etc are not. do you not realise the amount of training etc that goes into bank employees? nor the fact that they can be personally liable for money laundering (under civil servant drawn up legislation)? !

I said over 50% are professional grades, i.e. requiring Third level qualifications to hold the post-most usually a Degree. You cannot compare the calibre of such a post to a shop or retail assistant or a Bank Clerk. As for money laundering, I wasn’t aware that it was such a rampant practice within the Irish banking sector, the cells in Mountjoy are of course filled with Bank Clerks to reflect this unreported reality?

what planet are you living on?????

The planet I live on views statement like this "the image of protected cost vested civil servants in their ivory towers who expect the entire economy to revolve around them" as the regurgitated stale an insipid bile it clearly is.

Your attempt to portray yourself as the voice of the common man is undermined by the use of slanted secondhand terminology so casually borrowed from the lips of IBEC spin doctors.[/quote:2m705z32]

1. accepted. however the reality is that the private sector cannot compete with the govt in providing DB pensions. this is because the reporting of said schemes is detrimental to the companies, something the govt does not have to deal with.

and i will do something about it. i will campaign for the same reporting to be required by state bodies and govt depts. you'll soon see the DB pensions dropped like hot potatoes if vast portions of the annnual budgets had to go in servicing the pension schemes instead of raiding the tax receipts.

2. you equate professionalism with 3rd level degree? why? professionalism is a work attitude not a piece of paper.
for the record i have 1 degree, 2 masters, and 4 post grad professional qualifications but my professionalism is derived from the quality of the service i provide to my clients.

anyway, its a bit presumptious to say that 50% of civil servants are professionals (graduates) but bank employees are not. far more than 50% of bank employees have 3rd level education, if not near to 90%. why do you assume that most people in the retail and financial sectors are clerks or assistants? most are specialists, more so than in the public sector, who seemingly can hop from department to department with little effort (doing feck all in dept of marine is the same as doing feck all in dept of foreign affairs!).

i know that everyone i encounter in a bank (under 45) has a minimum of a degree (lets face it, its not that hard to get one nowadays is it???)

3. i do not regurgitate IBES crap, for the simple reason i do not read IBEC crap. i do however have years of experience with pensions and know how they are comprised, the investment/portfolio strategies, the laws governing them, the accounting, the effects on a company and several other "slanted secondhand" stuff.
i would trust your opinion on my health (or otherwise) so i don't see why you don't trust my opinion on pensions? or did you do a pensions module as part of your MD?