Your Pay Rise

[Scepticalist]

I must admit to becoming disillusioned with the public sector after 22 years. Particularly given I could probably double my salary by contracting. I’m currently a Programme Manager. Yes I’d be giving up some job security and pension but it’s certainly got me thinking. Anyone made a similar move to contracting from a perm job?

Worth doing but also worth doing the figures on such a change. If you've been in the public sector on a decent salary for a long time then that final salary pension is worth quite a bit compared to how much you'd have to throw into a private scheme.

I did the math about 10 years ago and it wasn't worth me moving at my age especially when I figured in the increased travelling, lack of security, lack of flexi and other generous benefits which the public sector gives. Financially it would have been better but not enough for the hassle.

YMMV of course

[Templogin]

The "gold plated pension" isn't all it's cracked up to be in my experiance. The goal posts keep moving in that we have to pay more in to get less out. Job security? No chance of redundancy as they don't make you redundant, they make your post redundant, and transfer you into another role. If it is at a lower grade you get paid at your current grade for two years then drop to the lower grade pay. Holidays are good. I am on 33 days p.a. including the 8 bank holidays. Pro rata that for me as I only work 4 days a week. No chance of any bonuses though. Not even a free cup of tea and a biscuit.

[Passenger]

The "gold plated pension" isn't all it's cracked up to be in my experiance. The goal posts keep moving in that we have to pay more in to get less out. Job security? No chance of redundancy as they don't make you redundant, they make your post redundant, and transfer you into another role. If it is at a lower grade you get paid at your current grade for two years then drop to the lower grade pay. Holidays are good. I am on 33 days p.a. including the 8 bank holidays. Pro rata that for me as I only work 4 days a week. No chance of any bonuses though. Not even a free cup of tea and a biscuit.

That must be dispiriting T, what you said about the goalposts etc.

[ryanb741]

How do the PS Pensions work? With a Sipp you can have a pot of £1m, safely take out £50k a year and it not run out, no mortgage, maybe state pension if you are older etc, seems pretty easy to have a decent retirement on that so how would a PS Pension be better?

[dougair]

How do the PS Pensions work? With a Sipp you can have a pot of £1m, safely take out £50k a year and it not run out, no mortgage, maybe state pension if you are older etc, seems pretty easy to have a decent retirement on that so how would a PS Pension be better?

Mine is currently 2/3 final salary (although not for much longer). There is no pot, it’s a Ponzi scheme. How much do you pay in each month to get that £1m pot??

[Templogin]

Mine is going to be a percentage of career average, although I can't remember what percentage. Perhaps people think that I should be worried about that, but there is nothing that I can do to change it so no point worrying about it. At the moment it is a smaller percentage of career average but with a lump sum. I am not reliant on it though as I always have my looks!

[ryanb741]

Mine is currently 2/3 final salary (although not for much longer). There is no pot, it’s a Ponzi scheme. How much do you pay in each month to get that £1m pot??

Someone paying in £10k per annum (so if they include employer's contributions and/or tax relief it could be far less) would, assuming their pot grew at the same rate as historical averages (10% per annum minus 3% inflation and fees) amass £1m in real term today's money in 30 years.

[dougair]

Someone paying in £10k per annum (so if they include employer's contributions and/or tax relief it could be far less) would, assuming their pot grew at the same rate as historical averages (10% per annum minus 3% inflation and fees) amass £1m in real term today's money in 30 years.

I’m not paying in anything near that amount.

[ryanb741]

I’m not paying in anything near that amount.

But with employer's contributions etc. So for example a private sector worker may pay in far less than that, plus they get tax relief.

[Templogin]

I was talking to a colleague who had joined the organisation practically the day after she left school. They rose just over halfway up the grade scale. The prediction from what was known at the time was that if they continued working there until they were 66, 50 years of her life, they would get a pension of £17k p.a. before tax. Great to have a secure job; there are few of us who could work for the same employer for so long, but seems like not much money for that sort of committment.

[Passenger]

I was talking to a colleague who had joined the organisation practically the day after she left school. They rose just over halfway up the grade scale. The prediction from what was known at the time was that if they continued working there until they were 66, 50 years of her life, they would get a pension of £17k p.a. before tax. Great to have a secure job; there are few of us who could work for the same employer for so long, but seems like not much money for that sort of committment.

Would she also get the State pension additionally...so another what, 6 or 7k on top...that's about 10k more a year than the average apparently. Lotta years though!

[Templogin]

She would indeed. Yes, a lot of years and there's no gold watch in this industry. They used to have afternoon tea laid on, tea/coffee/sandwiches/cakes once you reached 25 years for you and your department. Now it is sod all.

[noTAGlove]

Just got 3.6%. That is in O&G.

RPI is 7.8%, so it is effectively a 4.2% pay cut.

[stoneyloon]

Just got 3.6%. That is in O&G.

RPI is 7.8%, so it is effectively a 4.2% pay cut.

No, it's not, it's still a pay rise, it just won't buy you more ....



Cheers,

Adam.

[samswatch]

We have not had a pay rise over 1% for the last 3 years. This year looks worse as apparently the budget when it (with an assumed level of inflation) its lower than the inflation figures just released.

[JasonM]

Just been told 4%, which is more than last years 2.5%, so at least they are trying to help.

[JuanKing]

Just got 3.6%. That is in O&G.

RPI is 7.8%, so it is effectively a 4.2% pay cut.

3.3% here so you did better than I!

[noTAGlove]

3.3% here so you did better than I!

Actually got 3.63% so there is turkey on the table this Christmas.

[Michael 38]

I got 2.4% this year this is after years of 1% rises

[noTAGlove]

5.6% for 2023.

No keeping up with headline inflation, but just about keeping up with core inflation.

Don’t see how the BoE is going to get inflation down to 2% as most pay settlements in the public sector seem to be over 5%

[pete-r]

Public sector here.
Pay freeze last 2 years, 2% this year.
Don't believe the press, the public sector pay rises are nowhere near. It's all about the NHS and teachers these days.

[noTAGlove]

Public sector here.
Pay freeze last 2 years, 2% this year.
Don't believe the press, the public sector pay rises are nowhere near. It's all about the NHS and teachers these days.

Ouch, with inflation nearly 10%, that is an 8% pay cut in real terms.

Is your sector one of those considering strike action?

[Ivan Drago]

5.5% this year in the water industry


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[Robxxx7]

Telecoms industry ... Whats a pay rise ?

[noTAGlove]

Telecoms industry ... Whats a pay rise ?

Virgin media have recently announced a 12-14% price rise for domestic phone/broadband/TV.

Hopefully they will share it around, before I tell them to Foxtrot Oscar.

[Stuno1]

My wife works in insurance (for a very large company) in an accounts team and they seem to do well. She got 10% bonus and 7% pay increase this year and 10% bonus and 5% pay increase last year.

[Zolawinston]

Public sector here.
Pay freeze last 2 years, 2% this year.
Don't believe the press, the public sector pay rises are nowhere near. It's all about the NHS and teachers these days.

What part Pete? We got an across the board pro-rata £1925 per annum. Not great for me personally but for lower paid workers very fair.

Also we’ve just been offered the same from April 2023.

[Stuno1]

Public sector here.
Pay freeze last 2 years, 2% this year.
Don't believe the press, the public sector pay rises are nowhere near. It's all about the NHS and teachers these days.

I don’t know your circumstances but why do you put up with it? Why not move to a private company? Are there other benefits keeping you there?

[awright101]

8% for me in the banking sector

[FK77]

~14% rise in base salary in January. Normally it's lower (if not non-existent) but I got a long overdue promotion. Also got 50% more bonus than last year but that's still based on my previous level, not the promoted level. IT in finance.

[TaketheCannoli]

Public sector. Deathly silence so far. As a Department we sold some T&C three years ago for a decent pay rise over three years. Negotiations should be happening now for this year's award but I guess we need to see what happens with the NHS position first. I'd take less if they got more.

[Brighty]

At our place the shop floor were due their pay rises in Sept, rate negotiated by their union, we then get whatever they do in Jan, still waiting for it. Union has turned down 5 offers so far, the latest being 6% for those under £48k and 3.8% for those over, plus a £1k winter hardship bonus for all. I think they should bite their hand off

[Robxxx7]

Virgin media have recently announced a 12-14% price rise for domestic phone/broadband/TV.

Hopefully they will share it around, before I tell them to Foxtrot Oscar.

I'm sure the shareholders will be a lot more happy with that than the staff

[pete-r]

I don’t know your circumstances but why do you put up with it? Why not move to a private company? Are there other benefits keeping you there?

I ask myself that more and more lately. Used to be the pension but those days are gone and the private sector compatriots I know say they probably don't work as hard lately either.

:(

[Middo]

At our place the shop floor were due their pay rises in Sept, rate negotiated by their union, we then get whatever they do in Jan, still waiting for it. Union has turned down 5 offers so far, the latest being 6% for those under £48k and 3.8% for those over, plus a £1k winter hardship bonus for all. I think they should bite their hand off

That strikes me as being decent. I was public sector till recently though and used to getting nothing.

[dougair]

I ask myself that more and more lately. Used to be the pension but those days are gone and the private sector compatriots I know say they probably don't work as hard lately either.

:(

I’m looking for contracting roles in the public sector. Seems I can basically do the same job as now but on twice the pay! Obviously lose the benefits of being perm but earning twice as much takes the sting out!

[SydR]

Public sector, 5% last year and 6.5% proposed for this year with an additional one off payment of £939.00

[Mick P]

I must admit to becoming disillusioned with the public sector after 22 years. Particularly given I could probably double my salary by contracting. I’m currently a Programme Manager. Yes I’d be giving up some job security and pension but it’s certainly got me thinking. Anyone made a similar move to contracting from a perm job?

I did it by taking an early retirement package with the Post Office at the age of 55. I then did six very lucrative years contracting and basically I worked in the private sector telling large companies how to legally circumnavigate EU Public Procurement rules. Ex public sector employees with specialist knowledge can be in demand but you go from week to week without any security at all.

If you want more details, PM me your Tel number.

[Brighty]

That strikes me as being decent. I was public sector till recently though and used to getting nothing.

LOL'd at the "strikes me", as that's what the union are balloting on as we speak.
Just wish they'd accept the latest offer. They want higher for the lower paid and lower for the higher paid, but every time the offer changes to that affect, the high/low break point drops, if that carries on I'll end up the wrong side of it

[bry nylon]

Telecoms industry ... Whats a pay rise ?

https://www.bbc.co.uk/news/business-63785421

"BT and unions agree pay rise of up to 16% to stop more strikes"

worked out to 8.7% for my grade..

[mrsammyp]

Insurance in the City - 10% pay increase and 20% bonus this year


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[Templogin]

Ex-public sector where we had a pay freeze for 10 years and pension contributions were increased but payouts decreased - don't believe all that you read in the right wing rags.

Now (accidentally) retired at 62, my only income at present is a very small Army pension, barely enough to pay the wine merchant's bill. Good news is that it is index-linked, but an amount this small won't make a lot of difference. Bad news is that the poor buggers that "are still serving, your pension savings are increased slightly to track inflation". That sounds like they are not getting the full amount!

[Mj2k]

1.6% and an outlier on salary band of 160 index. Clear redundancy fodder on a spreadsheet. Arse.


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[deepreddave]

Private sector and nil for the second year running but it's a good company and there's many worse off/more needy than me.

I never cease to be amazed that we have a society that rewards greed more than it does much needed vocations, in other words those I'd award the most to get the least and vice versa.

[Stuno1]

I ask myself that more and more lately. Used to be the pension but those days are gone and the private sector compatriots I know say they probably don't work as hard lately either.

:(

I think that’s it. In banking many stayed at one of my previous companies for the final salary pension. Those not on the scheme moved around frequently within the company and with other competitors in their early careers to maximise experience and pay.

Personally I went contracting (self employed in financial institution projects) younger than I expected/planned and have never looked back. I was pushed out earlier than I expected by lack of pay rises, no or poor bonus, no offer of externally recognised training and no promotion prospects.

[paw3001]

Private sector, 3.3% but delayed by 8 months with a 90% payout of annual bonus which is set at 20% of salary.

One off payment of £1k last November

Not great but better than many!

[Sinnlover]

Found out yesterday it’s 3% and my bonus is the same as last year.
Not as much as I had hoped but better than a kick in the balls.

[ryanb741]

9% last year, this year likely to be no increase

[learningtofly]

Bonus down from 10% to 6.1% this year, despite meeting all departmental targets. Massive bummer.

[adrianw]

Get ready for job cuts to fund pay rises and keep the wage bill the same.