The cost of gold-plated public pensions has sky-rocketed in news that is bringing anger to UK consumers. The bill for expensive pensions for public sector workers has soared to £1,200 billion, an average of £47,000 per household. This is equal to nearly two years of salary for the average worker.
According to the report, many private sector workers don’t even have pensions, despite funding pension schemes for state employees. Furthermore, their children and grandchildren may still be paying off the debt left from this huge commitment.
Dr. Ros Altmann highlighted a fear of social strife when private sector workers realise how big the bill is. She reportedly commented: "We are heading for social strife when private sector workers rebel against paying other people's pensions. I'm not saying that public sector workers don't deserve generous pensions . They do. But so does everybody else.'
Public pensions bill goes through the roof
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Public pensions bill goes through the roof
Wed, 24 Mar 2010
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