As much as one percentage point could continue to be knocked off annual pay rises because firms need to plug holes in the pension pots of retired staff, according to a report.
The blame lies with the retired baby boomer and their employers who failed to ensure enough funds went into their final salary schemes during their working lives. The deficit-ridden schemes must now be filled from company cashflows, denying today’s workers a proportion of the forecast wage rises.
The day that average wages regain their pre-crash peak is now expected in the middle of 2017, but the Resolution Foundation points out that the pensions effect will continue to be felt in pay packets for years to come.
Economists have failed to make the connection between private pension scheme deficits and workers’ current wages, according Jon Van Reenan – an economics professor at the London School of Economics and a leading expert on the labour market.
Brian Bell, an associate professor at Oxford University consulted by the report’s author, said the huge sums involved would deepen the already growing inequality between generations.
Maybe this should not come as a surprise after more than a decade watching those who own assets – mostly the over 55s – ringfence their booty from anyone planning to tax it or allow the market to diminish its value.
….However, the report shows that since the 2008 financial crisis wages have similarly been depressed by pension payments – not because the money has been diverted into workers’ retirement funds so much as it has been used to fill huge black holes left behind by former workers; who can now claim to be among the wealthiest pensioners in the world.
R-types always turn on one another eventually, and they begin on the frail.
It’s a Big Lie that they’re the side who care about the elderly and infirm, that’s why the old rarely vote Left.
#4 article in Business, only 12 comments. A lot of Millennials are reading and thinking.
When the multiculturalism bubble pops
What I predict is this. This immigrant wave will preferentially target the European leftists in ways indigenous Europeans could not and would not do. They will savage the European rabbit class, from rape, to robbery, to murder, with the tacit approval of grassroots European K-strategists, who will not intervene if they are smart and want their nations back on a more permanent basis. In return, European rabbits may push for universal vulnerability, through total universal disarmament and punishments for self defense, but I would expect that to not fly by that time.
No, I think they’ll want to call the K-type army in to protect them, despite calling to disband the whole thing now and for years.
To be clear there will be collateral damage along the way to good K’s but lets face it. We will deserve a lot worse for allowing this to happen. If I ended up burning in along the way, I think I’d have to acknowledge I had it coming. The vast majority of us will escape the punishments we deserve, while I suspect the rabbits will not.
I disagree. We’re too quick to blame ourselves for what others have wrought.
Once European rabbits are sufficiently removed from the equation by the invaders (either fled, humbled, or dead), the invaders may try to attack K-strategists out of necessity.
From experience, neither side are that smart.
It will probably be like the knock-out game where it’s random and based on race.
The r-types might double down, join the other side and especially spy on us normal people.
Then you will gradually see a movement to eject the invaders by force, and they will flee that “persecution” back to their homelands. My guess is humans will hear endless whining about the “Crusaders” for the next 400 years, and as the rabbit population rebuilds they will bemoan the cruelty and lack of consideration inherent to ejecting the invaders.
No they f&(%ing won’t. It’ll be like discussing the Holocaust now. Or fending off coastal invasion by the Nazis.
I wonder what will happen to the mix families.
We may not see the whole thing in our lifetimes, but I expect to live long enough to hear rabbit wails of anguish and horror, and laugh my ass off at them. For now, we are just waiting on the collapse.
Every Guardian reader I knew is being turned off politics.
They don’t even want to hear about it.
Let alone speak of it.
They’re being triggered by the slightest mention of a political topic and getting angry. I haven’t seen them angry before.
It makes me laugh.
I warned them.