Advertisement

Union's anger over pensions increase

by isleofman.com 16th November 2014

The union representing thousands of government staff has reacted angrily to news its members will have to pay more for their pensions in future, for fewer benefits.
Last week, government announced the cost of pensions for some 8000 public sector workers would have to be met by a phased 3% increase in contributions.
A package of measure to reduce a 23% shortfall between monies paid into the scheme and the cost of providing pensions will be debated in Tynwald next month.
They include a rise in the minimum retirement age, an increase in employer contributions and for new members, longer working before pension benefits are available.
Government staff cutbacks resulting in fewer people paying in and more drawing their pensions, are among factors blamed for the latest crisis.
Prospect, which has a diverse membership, says major reforms brought in with the Government Unified Scheme two years ago should have solved long-term funding issues.
Union boss Angela Moffatt says a serious and very expensive miscalculation has been made:
Clip 1
Posted by isleofman.com
Sunday 16th, November 2014 07:55pm.

Popular Articles

Upcoming Events

Nobles Parkrun

A free, fun, and friendly weekly 5k community event in Nobles Park.  Walk, jog, run, volunteer or spectate...
3 May

Bridge Club

Monday is Bridge Day at the Onchan Pensioner's Social Club   We have two bridge clubs that meet on a weekly...
5 May
View More
Advertisement

You also might be interested in

Stephen Savage joins Quinn Legal’s Corporate and Commercial legal team.

Business

When the clocks sprung forward we lost another precious hour of sleep

Health & Wellness

The GFoGE guide to obstacle races & why should you do one.

Sports & Leisure

Why not take a "Wallaby" walk in the Curragh?

Nature & Wildlife

Hop-tu-Naa is an ancient festival celebrated on the Isle of Man

Visitor Guide

The Isle of Man hosts many traditional ceremonies throughout the year

Visitor Guide