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4/02/2007

mindboggling pension scheme

The pension scheme is an accepted practice in the govt service introduced by the British. Now this scheme is also extended to politicians, people who are elected by the people on a 5 year term basis. And it is not even an employment. Then all one needs to be entitled to the lifelong pension is to be in office for two terms or a max of 10 years. Invariably it is lesser, between 8 to 9 years. Compare this to the original concept of pension when a person has to work practically all his life, 25 to 35 years before he is entitled to it and may lose it along the way if he fumbles. And the number is mindboggling. A person can be in office for 10 years and will be paid around $.5 to $1 million for the rest of his life. If he lives for another 25 years, the state could have to pay him $12.5 mil to $25 mil. Not sure if he is still entitled to all the medical perks. I am not saying that the scheme is right or wrong, good or bad. It is just mindboggling.

2 comments:

Anonymous said...

Come on Redbean, this is called " feathering ones own nest ". If you were one of them whould you be the one to raise this question? I think not. Here in Singapore, you have to take care of " number one ", ie yourself. The Singaporeans have voted in May 2006, and they deserve all that are dished out by the chosen govt. Shut up and live with it.

I feel sorry for you guys.

redbean said...

you shouldn't feel sorry for us. it is good for us and we will all benefit from this.