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Rabbitte's failure to tackle Labour’s Pension Problems
national |
worker & community struggles and protests |
opinion/analysis
Thursday March 30, 2006 19:04 by Big Jim
The Labour Party like other organisations operates a pension scheme for its employees, in Labour’s case it’s a defined benefit scheme which offers employees a pension based on a fixed percentage of their salary upon retirement. The staff pay in 5% of their salary each year and in return the party is supposed to cover the balance. Excellent program you might say, that is until you learn since 2004 the scheme has been running a massive deficit of €432,000 which represents almost 50% of the Party’s entire net book value*. |
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