{"id":1685,"date":"2011-03-01T22:41:16","date_gmt":"2011-03-02T02:41:16","guid":{"rendered":"https:\/\/www.bygeorgejournal.ca\/?p=1685"},"modified":"2011-03-01T22:41:16","modified_gmt":"2011-03-02T02:41:16","slug":"a-story-of-haves-public-sector-worker-and-have-nots-public","status":"publish","type":"post","link":"https:\/\/www.bygeorgejournal.ca\/?p=1685","title":{"rendered":"A story of Haves (Public Sector Worker) and Have-Nots (Public)"},"content":{"rendered":"

\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

The Canadian Taxpayers Federation<\/em> reports the federal public sector pension plan has created a situation where Joe Canuck would need to save $14,180 per year in his nest egg – every year for 35 years \u2013 to match that of a senior federal government bureaucrat pension.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Here\u2019s the\u00a0math using the example of an employee who starts working for the federal government at age 25, with an average salary for pension calculations of $100,000. Note that retired employees are paid a guarantee pension of 70% of the average of their highest five consecutive years of paid service \u2013 a pension that is fully indexed to cost of living adjustments. (Also note that earning $100,000 puts more than 42,000 federal bureaucrats in the top 2% of income earners in Canada.)<\/span><\/p>\n

\u00a0<\/span><\/p>\n

So, here\u2019s that ugly math:<\/span><\/p>\n