Here comes the tax rises

[Pierre]

Originally Posted by Damien

I think we probably need to look at doing something about the triple-lock when we reach parity with the average pension of some of the EU nations.

I can go with that.

When our pension increases by approx another £150 a week, (France is currently £600 a month more than ours) in the next year or two, we can look at the triple lock.

Bear in mind that the massive £900 increase, is £17 a week.

https://www.almondfinancial.co.uk/pe...est-of-europe/

[jfman]

Originally Posted by Damien

Ideally, we could make the pension bigger but it went up £900 this year. How much more do you think it's realistic to expect to increase? Next year it'll be around £400.

It increases more than wages and more than any other benefit - most of which have been cut relative to inflation over the past decade. Longer term it's not sustainable if the state pension keeps outgrowing earnings. I think we probably need to look at doing something about the triple-lock when we reach parity with the average pension of some of the EU nations.

Why should pensions get raised to the rate of EU nations for a generation who consistently voted for low tax, small state governments for the best part of their working lives?

UK pensioners have no divine right to the things they consistently voted against through their working lives in their own retirement.

https://ifs.org.uk/taxlab/taxlab-key...lly%20a%20year)

Like most of these things, it’s not that simple…

https://fullfact.org/online/pensions...s-comparisons/

When you just look at public pensions and benefits, UK pensions are considerably lower than those of other major advanced economies.

All the countries listed in the graphic generally have higher public spending on old-age pensions as a proportion of GDP (the size of their economies) than the UK does . Using figures for 2015, the equivalent of 5.2% of UK GDP went into public spending on pensions, compared to 7.7% in Spain, 7.9% in Germany and 12.1% in France.

Those figures are just counting pensions and benefits provided by the state, not occupational pensions or voluntary savings people make.

But that’s only one part of what people get through a pensions system. It doesn’t properly factor in how people’s lifetime earnings can affect their pension entitlements.

The OECD measures what’s called a “pension replacement rate”—which broadly speaking expresses what pensioners receive relative to their previous earnings when working.

UK pensions are relatively low on this measure as well. If you just consider mandatory public and private pensions, an average UK pensioner’s income is worth 29% of their earnings at retirement, compared to 51% in Germany, 75% in France and 82% in Spain.

But pensions in both the UK and Germany tend to get top-ups from voluntary pensions, which pushes their ratios to 62% for the UK and 65% for Germany when included (with the other countries staying the same).

But jfman has a point - people/countries only get back on what they put into schemes like pensions; other points to bear in mind is that a lot of people who are now pensioners didn’t expect to live as long as is currently forecast (my parents died at 70 & 74), or were on low incomes and/or didn’t have access to pension schemes (my first introduction to Private Pension schemes was in the mid-80s, when I worked for a small Software House (around 150 employees), and they brought one in, which was unusual for smaller companies then).

As I said, it’s not that simple…

[Taf]

Originally Posted by Hom3r

I got £6,500 per year as a full-time carer

And that stops when you first draw your State Pension. UNLESS you qualify for Pension Credit, then you get a small Carers Addition.

[Pierre]

Here come the tax rises………….

There go the tax payers………..

[papa smurf]

Astronomers have reported that the black hole that Labour created has now become a super massive black hole and has started to form a galaxy around it

Originally Posted by papa smurf

Astronomers have reported that the black hole that Labour created has now become a super massive black hole and has started to form a galaxy around it

That’s not how Black Holes work…

But, nice try, though…

[Pierre]

Originally Posted by Pierre

https://news.sky.com/story/gps-vote-...years-13188629

And this what happens…..they see the government capitulating to the junior doctors and think, “we’ll have slice of that”.

Expect public sector action all over the shop, as they see a Labour government ready to hand out sweeties for all that want them………except pensioners.

And 15% for train drivers

https://www.personneltoday.com/hr/tr...er-aslef-2024/

Border Force fancy some of the action

https://news.sky.com/story/hundreds-...ugust-13197849

Come on, one and all, name your price…..it’s the Great British summer giveaway


Sir Kier will agree to all demands, and request nothing, that’s right, nothing in return.

[jfman]

Ultimately the politics of austerity is only managed decline. Those getting the pay rises are much more likely to be spending money in their local towns and cities than the fleeing millionaires who seemingly don’t value living in Britain enough to pay tax.

Originally Posted by Pierre

And 15% for train drivers

https://www.personneltoday.com/hr/tr...er-aslef-2024/

Border Force fancy some of the action

https://news.sky.com/story/hundreds-...ugust-13197849

Come on, one and all, name your price…..it’s the Great British summer giveaway


Sir Kier will agree to all demands, and request nothing, that’s right, nothing in return.

What did you expect to happen after years of below-inflation pay rises? Doctors' pay got reduced dramatically over the last decade. Eventually reality bites.

Originally Posted by Damien

Doctors' pay got reduced dramatically over the last decade. Eventually reality bites.

Its almost is if they were the only ones.

I mean, its not like my pay rises have also been pathetic ...... oh wait, they have.

[Pierre]

Originally Posted by Paul

Its almost is if they were the only ones.

I mean, its not like my pay rises have also been pathetic ...... oh wait, they have.

Indeed, I can look back at my pay increases for 29yrs, and in that time only one has been above 3%, and on average they’ve been around 2-2.5 %

And without a government guaranteed pension to back it up.

Living the high life in the private sector.

[jfman]

Originally Posted by Paul

Its almost is if they were the only ones.

I mean, its not like my pay rises have also been pathetic ...... oh wait, they have.

Poor wages aren’t in the private sector aren’t an excuse to persistently erode wages in the public sector. The housewife’s purse school of economics might pretend that one is linked to the other however the persistent Government deficits and £3 trillion of debt prove they aren’t.

---------- Post added at 16:58 ---------- Previous post was at 16:58 ----------

Originally Posted by Pierre

Indeed, I can look back at my pay increases for 29yrs, and in that time only one has been above 3%, and on average they’ve been around 2-2.5 %

And without a government guaranteed pension to back it up.

Living the high life in the private sector.

Yet so few people leave the private sector to join the public sector to jobs with similar, or better, wages with pensions.

[jonbxx]

Anyone who works in the private sector and is unhappy about public sector pay rises might want to consider joining a union

[jfman]

Originally Posted by jonbxx

Anyone who works in the private sector and is unhappy about public sector pay rises might want to consider joining a union

Can’t do that after being indoctrinated for four decades of flawed economics. Might as well take the private sector with the entire country down the toilet and blame immigrants for it.