Tuesday, December 02, 2014

WHILE THE REST OF US WERE SLEEPING ...


900K For nothing
THE BUREAUCRATS HAVE BEEN DOING QUITE WELL...

The over-the-moon wages and benefit packages our local city hall staff have been 'negotiating' for themselves is not unique to Nanaimo. Some place along the road the civil service went from having a job for life at less than the private sector pays, to having a job for life and pay the private sector could never afford.

The Financial Post article above reports how a top bureaucrat is going to have to figure out how to survive for the next three years on only $900K, poor fellow.

This reminds me of our own ex-city manager who decided to take early retirement and was paid $500,000 to help him transition into retirement or another career. A half million dollars which was the same as paying him two years salary for doing nothing.

If you consider that in the city of Nanaimo less than 1% of the population are paid the equivalent of 80% of every property tax dollar collected. If it weren't for user fees, there wouldn't be any money to keep making the payments on our outstanding debts.

 Only the public sector would think for one moment that is an affordable or sustainable level of remuneration. Of course the ladies and gentlemen who 'negotiated' these sweet packages for themselves have also managed to 'negotiate' pension benefits which some economists will tell you are not sustainable in light of any serious market corrections, in which case the taxpayers are on the hook to keep the fund solvent.

Now, everyone back to sleep.

allvoices

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