Quote from: "Shen Li"

Quote from: "Fashionista"I will find out tomorrow at work how the budget will affect the provincial civil service.

I haven't gotten all the details yet myself. However, I guarantee the cuts are no where deep enough, especially to the snivel serpants. ;)

Quote from: "Shen Li"

Quote from: "Fashionista"I recieved an email today about the budget and how it affects AUPE members like myself..



It appears no direct cuts, but wages are frozen this year as well as benefits..



Shen Li and Obvious Li think I get raises above the rate of inflation and that is not true..



My husband is not a union member and has had bigger raises than me at his company.

There you go, what fucking good is your fucking union? Your husband doesn't pay union dues and is getting bigger raises than you. I wonder how Gil McGowan is making out in these so-called times of austerity?

Quote from: "Shen Li"Oh the irony, younger workers rejecting the civil service because they don't think it is secure.

QuoteIllinois has racked up $96 billion in unfunded pension obligations, and that's left some young people wondering what the state's biggest political issue of 2012 means for their future. We offer a look at the distrust — and apathy — surrounding public sector jobs and Illinois' pension problems among the state's young workers.



The state legislature is expected to meet in early January, before new General Assembly members are sworn in, to come up with legislation that will help close the billions of dollars in underfunded pension liability.



But, Joe Tedeschi, 24, a recent graduate from Northern Illinois University who is certified to be a foreign language teacher, isn't waiting around to see what will happen.



After taking a hard look at the state's troubled pension systems and talking with a handful of public school teachers, Tedeschi said he's reconsidered his career.



The teachers Tedeschi spoke with during his studies said they expect to receive fewer pension benefits than originally planned. As a result, some teachers have had to teach for more years or pick up a part-time job after retirement.



"I'm 24 right now, so I'm going to be doing the same job until I'm into my 60s, and it still might not be enough for me to live comfortably," he recalled saying to himself.



Tedeschi, now at DePaul University working on a master's degree in international public service, said young people, especially those who plan to work in the public sector, should pay more attention to pension reform efforts because it will set a precedent for them.



People in his age group may suffer more in the future compared to those who are closer to retirement, he added.



"(Older people) already have 'x' amount of money put in. They might get certain amounts taken out because of policies or if they retire early, but they've already got a head start," Tedeschi said. "We're all just starting, and so many people our age don't have jobs or even careers yet."



How did we get here?



There are nearly 760,000 Illinoisans in the state's five pension systems.



The five state-funded pension systems are for public employees, state university staff, judges, members of the General Assembly and public school teachers. These employees receive a payment from their employer when they retire.



The state, public employees, local school districts and income from investments typically foot the bill.



But for decades the pension systems have been underfunded.



A big chunk of the problem comes from the state not living up to its constitutional obligation to add money to the fund, said Robert Bruno, director of the University of Illinois-Chicago labor studies department.



"Seventy-seven percent of the unfunded liability, about two thirds, is a result of the state not making contributions into the fund," Bruno said.



And those skipped contributions have resulted in ballooning pension payments. The state's 2012 pension payment was $5.2 billion, which tripled the payment in 2008.



To put that in perspective, the state's annual budget is about $33 billion a year.  



Going forward, the state projects that $10 billion of Illinois' 2025 budget will go toward pension payments. That could mean even deeper cuts to education, programs and other government services.



Most state employees do not pay into Social Security, but instead contribute to pension systems.



Last week, WBEZ reporter Tony Arnold looked specifically at why so many Illinois teachers don't pay into the federal program, which was signed into law in 1935.



When the Social Security program began, it didn't require federal, state and local government employees to be covered. But in the 1950s, Congress passed a law that would let state and local government workers opt-in to the program if they wanted to.



In short, most Illinois teachers don't pay into the federal program, because their pension systems came before Social Security (The Chicago Teachers' Pension Fund was created in 1895. The Illinois Teachers' Retirement System in 1915) and they've had better deals, higher returns and more flexible contributions, Arnold reported.



In addition to Illinois, 13 other states, including Alaska, California, and Kentucky, exclude teachers from Social Security and instead have independent pension plans.

http://www.progressillinois.com/posts/content/2012/11/26/young-workers-dubious-public-sector-jobs-due-pension-crisis">http://www.progressillinois.com/posts/c ... ion-crisis">http://www.progressillinois.com/posts/content/2012/11/26/young-workers-dubious-public-sector-jobs-due-pension-crisis

Quote from: "Shen Li"^^The system is different in Alberta. You'll get some money when you retire. Still, you gotta save, save, save. It's your retirement not mine. How comfortable your retirement will be is entirely dependent upon what you do today.

Quote from: "Fashionista"

Quote from: "Shen Li"^^The system is different in Alberta. You'll get some money when you retire. Still, you gotta save, save, save. It's your retirement not mine. How comfortable your retirement will be is entirely dependent upon what you do today.

I do save and plan for my the future of my family..



My husband and I know couples that have higher incomes than us and only one child yet they have debt not savings..



Strangely, these same people blame government and corporations for their overspending.

 :o