I was always told that if you take a government job you’ll make less salary but the job security and pension help make it more attractive. What I didn’t realize is that over time the government has created a situation where their jobs are more attractive in every aspect than us in the real world.
Government employees have average salaries of $65K (Dept. of Education averages around $100K) whereas the private sector averages $49,500. This is an income disparity of close to 24%. I find this especially astounding considering their benefits package (i.e. Dental, Medical, Retirement, etc.) are so much better than what you and I have. As a matter of fact, the Congressional Budget Office just provided a report that states on average federal employees’ benefits are 48% better than private sector employees. I’ll prove to you later that we can make a substantial dent in our debt situation through addressing the wage disparity.
There are variations in pension plans available to members of the House and Senate. The document I reviewed (Congressional Research Service’s Report on Benefits) was sixteen pages long and there were different pensions in place for the year each legislator started their service. Prior to 1984 anyone who retired could make up to $60,972 a year. There are currently 290 retired members of the House and Senate receiving this amount. After 1984 things became more realistic as retirees are now averaging $35,952. From what I could tell, they only have to work five years to be vested and earn the retirement benefits. The biggest thing that stood out to me is that the House and Senate somehow gave themselves a better retirement plan than other Federal employees; I wonder if they even know this?
Government employees have average salaries of $65K (Dept. of Education averages around $100K) whereas the private sector averages $49,500. This is an income disparity of close to 24%. I find this especially astounding considering their benefits package (i.e. Dental, Medical, Retirement, etc.) are so much better than what you and I have. As a matter of fact, the Congressional Budget Office just provided a report that states on average federal employees’ benefits are 48% better than private sector employees. I’ll prove to you later that we can make a substantial dent in our debt situation through addressing the wage disparity.
There are variations in pension plans available to members of the House and Senate. The document I reviewed (Congressional Research Service’s Report on Benefits) was sixteen pages long and there were different pensions in place for the year each legislator started their service. Prior to 1984 anyone who retired could make up to $60,972 a year. There are currently 290 retired members of the House and Senate receiving this amount. After 1984 things became more realistic as retirees are now averaging $35,952. From what I could tell, they only have to work five years to be vested and earn the retirement benefits. The biggest thing that stood out to me is that the House and Senate somehow gave themselves a better retirement plan than other Federal employees; I wonder if they even know this?
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