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May 26, 2008
BALLOT CLOSES 30TH MAY
If you haven’t voted you need to send off your ballot paper today as the vote closes in a few days. It is important to send a clear message to the employers who are fond of saying how high morale is in the probation service. Easier to talk up morale than honour a pay deal by paying increments.
Talking of pay, despite the £50 billion government bailout to the banks to ease their credit crunches, it seems city bonuses are alive and well.
City workers have been awarded £13.2 BILLION (over thirteen thousand millions - our increments would only cost thousands) in bonuses so far this year, suggesting that the credit crunch has yet to be felt in the pockets of most bankers. The figure is down a modest 1% on the same stage a year ago, when a little over £13.3bn in bonuses had been paid out.
As someone recently observed, the private financial institutions are expert in privatising the risks and socializing their losses! We have a lot to learn, of course, from the private sector.
Roger Bootle, managing director of Capital Economics, an economic research consultancy, said: 'These bankers are not being paid for their brilliance. 'They have effectively taken a gamble and have been paid handsomely. Now that it has gone so wrong, we are left to pick up the consequences.'
In a recent speech TUC general secretary Brendan Barber attacked the 'casino capitalism' that had been allowed to flourish under new Labour.
But if you are a hard-working public servant, your pay is going to be held down below inflation for the next five years at least. Or is it?
VOTE YES, VOTE TO DEFEND YOUR PAY AND LIVING STANDARDS.
Posted by Hampshire at May 26, 2008 06:02 PM