Latest news with #publicsector
Telegraph
8 hours ago
- Business
- Telegraph
The gold-plated pensions costing taxpayers £400m a year
Taxpayers are spending more than £400m a year on gold-plated pensions for just 10,600 judges, new analysis shows. The average member of the Judicial Pension Scheme now receives £37,000 in pension contributions for each year of work, before being handed almost £40,000 a year in retirement. They have built up £4.5bn in taxpayer-funded pension entitlements, but pay up to 7pc towards the cost of their retirements. The figures come despite major reforms to public sector pensions in 2015 after rising costs pushed the Government to act. The Taxpayers' Alliance said judges should be moved into defined contribution schemes, while the Intergenerational Foundation said the 'profligate pension promises' would be funded by young people. There were 10,578 members of the Judicial Pension Scheme at the end of 2023-24, according to a Freedom of Information request made by The Telegraph. Judicial salaries ranged from £106,563 to £312,510 during the year, according to the Ministry of Justice. As public sector workers, they are entitled to guaranteed, inflation-linked pensions for life. The scheme's 6,162 working judges paid in 4.1pc of their salary on average. As their employer, the Ministry of Justice then added another 51.1pc at a cost of £229m. The required employer contribution increased to 62.6pc from April last year to keep pace with the rising costs of the scheme, but the amount paid in by employees has remained the same. Before 2012, judges did not have to contribute to their personal pensions and only paid towards benefits for their dependants. The scheme's pension payouts are also more generous than other key public sector schemes, with retirees receiving £39,400 on average – costing taxpayers another £180m a year, taking the total bill to £409m. By comparison, the average pension was around £16,600 for teachers and £12,300 for Armed Forces personnel, falling to £11,400 for NHS workers and £9,900 for retired civil servants. Liz Emerson, of the Intergenerational Foundation, said: 'Younger generations can only dream of similar pensions, but they will end up paying for these profligate promises via higher taxation, later retirements and lower pensions themselves. 'At the very least, the Government should levy National Insurance contributions on annual pensions that are higher than the average earnings of working-age adults.' Public sector pensions already cost the UK £54.3bn a year, despite being moved away from final salary schemes in 2015 amid fears they had become unaffordable. Payments are now based on a worker's average earnings, but the final salary entitlement for existing members was extended to 2022 after a legal challenge from members of the judicial and firefighters' pension schemes. Under the new system, judges have 2.5pc of their salary added to their pension each year, which is more than teachers, civil servants, NHS workers and Armed Forces personnel. John O'Connell, of the TaxPayers' Alliance, said: ' Public sector pensions are extraordinarily generous with employer contributions, often outstripping those in the private sector. 'But what makes them particularly generous is the fact that they are gold-plated schemes, not based on the value of a pension pot, but on the average earnings of the employee, meaning they get topped up above and beyond what has already been contributed. 'On top of this, they are unfunded, coming not from an investment scheme, but general taxation. At the very least, ministers should be moving all public sector workers onto fully-funded, defined contribution schemes which are based on monies actually paid in.' A report published last year by the University College London Judicial Institute revealed that more than one in three judges planned to quit the profession within five years, citing poor working conditions and a continual loss of net earnings amid a backlog in the country's courts. The Senior Salaries Review body recommended a 4.75pc pay rise for members of the judiciary for 2025-26, but the Lord Chancellor reduced it to 4pc. A Ministry of Justice spokesman said: 'The Judicial Pension Scheme 2022 is designed to encourage top legal professionals to become judges who are vital to keeping the justice system running.'
Telegraph
a day ago
- Business
- Telegraph
I've investigated public sector pensions for 25 years but I wasn't prepared for this
The NHS pension scheme is the largest unfunded public sector scheme in Britain, and harbours the largest overall pension scheme liability (public or private). You would think those facts would command a great deal of scrutiny as to where exactly the money comes from and goes to. I have been studying the public sector pension system for 25 years, and I thought I knew the answers to those questions. But, in a discovery I made a couple of weeks ago, it turns out I didn't know everything about the sources and uses of the NHS pension scheme funds – far from it. It now turns out that I have been mistaken about an annual flow of about £6.6bn. If I didn't know, that means almost no one outside the scheme itself would know; that parliamentarians also wouldn't have a clue and the general public will have absolutely no chance. With the level of secrecy and obfuscation that allows important financial information to be so well hidden, how can we trust our elected politicians and their civil servants to tell us accurately (or even know accurately) where our money is going? I will do my best to explain how I thought money flowed, and what turns out to be the reality. The NHS Pension Scheme covers England and Wales. Scotland and Northern Ireland have separate schemes. Sticking with the NHS scheme, in 2024-25, the financial year just ended in March, NHS employees paid an average of 9.8pc of pay in pensions contributions in a graduated scale ranging from 5.1pc to 13.5pc, so that the highest-paid employees paid the highest percentage. In 2024-25, the percentage that employers had to pay was raised from 20.6pc to 23.7pc – a 3.1 percentage point increase. This was the result of a valuation process that was started in 2020. To remind readers not familiar with the Government's unfunded pension system, these contributions, while actually paid in cash, are not invested as they would be in a normal pension fund, instead they go towards paying this year's pensions. Any surplus or deficit in the cash flow in the year is paid to, or received, from the Treasury, who is the scheme's guarantor. You might imagine that the NHS employers were the same thing as the Government (since the NHS is owned and run by the Government), but this is a very long way from the truth. In fact there were, at 31 March 2024, 7,823 participating NHS employers, of which 6,260 were GP practices, and 218 were NHS Trusts and Local Health Boards (the Welsh equivalent). GP practices are mostly private sector businesses, owned and run by GP partners. They get their income from the Government, and provide services largely free at the point of delivery to the patients registered with their practices, but they are free to spend state income as they choose (within guidelines). They can and do own the properties they work from. They can and do pay to become partners in practices and be paid when they leave or retire. GPs themselves are not employees of the NHS or of the Government, they are employees or partners of their practices. So it is a very unusual arrangement that, while not government employees, they are entitled to NHS pensions. This has been the case for many decades, so is not a revelation. In the arrangements that I had imagined to be the case until now, I believed that the Government paid its employers (mostly trusts and GPs) the money to both pay their employees and the employers' pensions contributions, so that the employer could then send the employer contributions back to the Government – in this case to the NHS Pension Fund, which is responsible for receiving contributions and paying the pensions as they arise. But it turns out I was wrong about that. We need a little history to understand the background. In the financial year 2019-20, as a result of a previous 'valuation' exercise, the NHS raised the employers' contribution from 14.3pc of pay to 20.6pc of pay. This was a large rise, and the other public sector schemes (for teachers, civil servants, armed forces) faced similar employer contribution rises. But as I now discover, NHS employers (remember there are 7,823 of them) did not face this rise as reported in the 2019-20 NHS Pension Accounts. They did not get extra money from the Government to pay this increased contribution rate, and indeed they did not pay it. So as far as all these myriad NHS employers are concerned, the employers' contribution stayed at 14.3pc of pay. This is not mentioned in the 2019-20 NHS Pension Accounts anywhere, nor in any subsequent NHS pension accounts. Apparently it was decided that as a 'transitional measure', the additional employers' contributions – in this case 6.3pc (20.6pc-14.3pc) of pay – would be paid 'centrally' by NHS England direct to the NHS pension fund. It is not clear who made this decision or why. But the upshot is that a mechanism that was supposed to (at least approximately) mirror the costs of providing pensions to the employers has been compromised. In 2024-25, the position has worsened. The transitional protection that was apparently, and covertly, given to NHS employers has become, de facto, permanent. In 2024-25, as I wrote above, employer contributions have increased again, this time to 23.7pc of pay. But the NHS has seen fit to maintain the 14.4pc contribution rate for all its employers, with now 9.4pc of pay being paid as 'employer contributions' not from the employer, but by NHS England. This is the £6.6bn I mentioned at the start of this column, and is nearly as much as all the employee pension contributions in 2024-25 – which will amount to about £6.9bn. There is so little information about this £6.6bn, it is, for example, not possible (or perhaps I haven't looked hard enough) to know whether this arrangement applies in Wales (part of the NHS Pension Scheme), or in Scotland or Northern Ireland, who have their own NHS pension schemes. It definitely does not apply to the Teachers' Pension Scheme, where all schools, including private schools, are facing a rise in employers' contribution to 28.6pc of pay. By now your head is probably bursting with that barrage of numbers I've just given you. But does all this 'missing' money matter? I think it matters a great deal. One of the great problems with Britain's gold-plated public sector pensions, now costing taxpayers at least £54bn a year, is that they are unfunded. This robs future generations for the benefit of today's public sector workers. The reporting around the funding of these schemes has also been so complex, artificial and obscure that no one knows what these pensions really cost or are worth. Until we face up to these problems, they are only going to get worse.
Khaleej Times
2 days ago
- Automotive
- Khaleej Times
Will public parking be free across Sharjah for Hijri New Year holiday?
Public parking in Sharjah will be free of charge on Friday, June 27, 2025, in celebration of the Hijri New Year, according to a statement issued by the Sharjah Municipality on June 26. The exemption applies to most public parking areas; however, it does not cover zones where fees are collected seven days a week, including public holidays. These areas are marked with blue parking information signs. In the designated 'blue zones', parking fees remain in effect from 8am to midnight, every day of the week, regardless of public holidays. Motorists are encouraged to check local signage to avoid violations and ensure compliance with the applicable parking regulations. In Sharjah, parking is generally free on Fridays in most public parking areas. The paid parking hours, when applicable, are typically from 8am to 10pm, Saturday through Thursday. The UAE has officially declared Friday, June 27, as a paid holiday on the occasion of the Islamic New Year, for public and private sector employees. In Dubai, all public parking zones, except multi-level parking terminals, will be free of charge on Friday, June 27, in observance of the Hijri New Year holiday. Regular parking fees will resume on Saturday, June 28, the Roads and Transport Authority announced on Wednesday. Dubai Metro will operate on Friday, June 27, from 5am to 1am the following day (June 28); while Dubai Tram will run from 6am on June 27 until 1am (June 28).
Yahoo
2 days ago
- Business
- Yahoo
Docebo Achieves FedRAMP Moderate Authorization, Expands Reach to US Federal Agencies
Docebo Inc. (NASDAQ:) is one of the best Canadian stocks with huge upside potential. Towards the end of May, Docebo announced that its LearnGov platform achieved FedRAMP Moderate Authorization. The authorization enables US federal agencies to securely and confidently deploy scalable learning programs using Docebo's cloud-based platform. The FedRAMP Moderate designation is listed on the FedRAMP Marketplace and signifies that Docebo meets the federal government's stringent security and privacy controls. This includes hundreds of controls evaluated and authorized under the FedRAMP Moderate baseline. The platform is designed to support various government initiatives, such as workforce development, compliance training, and upskilling. A professional instructor delivering a customer education workshop. The Docebo LearnGov solution is engineered specifically for public sector organizations and offers robust security and compliance, the ability to align learning and development goals with federal program missions through measurable, data-driven outcomes, an extensive API ecosystem for integrated workflows, and operational efficiency through intuitive admin tools and streamlined workflows. Docebo Inc. (NASDAQ:DCBO) develops and provides a learning management platform for training in North America and internationally. The company is known for its AI foundation and innovation. While we acknowledge the potential of DCBO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
National Post
2 days ago
- Business
- National Post
Euna Solutions to Showcase Product Innovations and Host Customer Engagement Events at 2025 GFOA Conference
Article content Article content Article content WHAT: Article content Euna Solutions® Article content , a leading provider of purpose-built, cloud-based solutions for the public sector, will participate in the Government Finance Officers Association (GFOA) 119th Annual Conference, the premier educational and networking event for government finance officers in North America, from June 29 to July 2, 2025. The conference will be held at the Walter E. Washington Convention Center in Washington, D.C. Euna will be located at Booth #613. Article content Product Launches Article content At the conference, Euna Solutions will launch multiple new offerings, including: Article content Euna Budget now makes it easy to create fully digital, easy-to-share, GFOA award-winning Annual Comprehensive Financial Reports (ACFRs). With these capabilities, finance teams can meet today's expectations for accessibility, compliance, and transparency. Built-in advanced reporting tools take the complexity out of building the detailed financial statements required for ACFRs, making it more efficient than ever to produce a high-quality report. And by moving to a digital format, agencies are better positioned to stay ahead of evolving federal reporting standards and best practices. Euna Payments launches a new user fee model within its Cashiering offering that empowers agencies to recoup card processing costs on transactions. This enhancement builds on Euna Payments' existing support for user fee models already available for Kiosks and Online Payments. The user fee models allow governments to offset rising operational costs without increasing taxes or reducing critical services, providing a responsible, compliant path to safeguard vital public services amid growing financial pressures. Euna Supplier Network (ESN) is a new addition to the Eunas' portfolio of purpose-built SaaS solutions, directly connecting to Euna Procurement to offer a free-to-use solution that helps businesses grow their public sector sales by discovering and bidding on government contract opportunities across the U.S. and Canada. With ESN comes the launch of Euna's Competition Commitment, a bold pledge within the Euna Procurement solution that reinforces Euna's dedication to keeping supplier access free. By maintaining free access, Euna Procurement enables broader supplier participation, helping agencies foster greater competition and achieve better outcomes. These innovations demonstrate Euna's commitment to expanding its portfolio of solutions to meet the evolving needs of public sector agencies. Article content Product Demonstrations Article content The company will present live product demonstrations of its purpose-built Financial Suite, including Euna Budget, Euna Grants, Euna Payments, and Euna Procurement illustrating how these technologies streamline public finance operations to enhance efficiency and community outcomes. Article content Additional Activities Article content Euna's exhibit space at Booth 613 will feature a range of interactive activities, including an in-booth happy hour, branded giveaways such as stickers, can koozies, and 'Where We Met' bags. Customers who visit the booth will also receive a discount code to register for Eunaverse 2025, Euna's customer conference. Article content Complementing on-site activities, Euna is hosting a customer and prospect happy hour at Flight Club on Sunday, June 29. This informal meet-and-greet provides an opportunity for public finance professionals to network with Euna representatives in a relaxed atmosphere. Article content WHO: Article content Multiple members of Euna's senior leadership team will attend the conference, including CEO Tom Amburgey, Chief Product Officer Mykola Konrad, Chief Sales Officer Jas Saraw, and Chief Marketing Officer Jenn Edwards. They will be on hand throughout the event for meetings, product demos, and conversations around public sector technology innovation. Article content Sunday, June 29 to Wednesday, July 2, 2025 Article content Article content About Euna Solutions Article content Euna Solutions® is a leading provider of purpose-built, cloud-based software that helps public sector and government organizations streamline budgeting, payments, grants management, procurement, and special education administration. Designed to enhance efficiency, collaboration, and compliance, Euna Solutions supports more than 3,400 organizations across North America in building trust, enabling transparency, and driving community impact. Recognized on Government Technology's GovTech 100 list, Euna Solutions is committed to advancing public sector progress through innovative SaaS solutions. To learn more, visit Article content Article content Article content Article content Article content Contacts
