Also, since his pension is fully accrued,
he will not earn an annual pension contribution from the bank. How will he
survive, in that when he does retire he has already accrued pension rights of
£179,200 a year?
Compare that to someone earning £20,000 – a
pay rise of 2.5% is £500 a year. Or according to the Office for National
Statistics, nearly two thirds of single pensioners get by on incomes of less
than £10,000 a year. While 45% of pensioner couples get less than £15,000 a
Those that call for pay restraint are those that
do not live from hand to mouth. When bread, heating and the like increase out
of control, they do not have to choose between heat and food. No, it may be
inconvenient for the rich to live with inflation, but their vast disposable
income means they will never have to make that choice.