08/06/2011 08:57
The pensioners of the private and public sector live in two different worlds, according to the actuarial study prepared by Muhanna.
The differences between the public and the private employees are huge and in the total retirement age, they even reach six-digit numbers.
The Muhanna study presents three examples of employees with different salaries (lowly-paid, middle and highly-paid) and compares the pension benefits of an employee in the public sector with those of a private sector employee covered by the Social Securities Fund only.
The employee started working at the age of 25, he retired in 2011 at 63 and is expected to live until 81, that is, he will receive pension for 18 years.
In the first example, with a salary of €1500, private and public employees receive in their pension €5015 from their main SSF pension and €6173 actuarial pension by the SSF per annum.
The public employees receive an additional €3577 as a professional pension and a lump sum of €46500.
Overall, the current value of the benefits that the two employees will receive until 81, with the prices of 2011, stands at €215,026 for the private employee and €355,478 for the public.
The difference is even bigger taking into account that the private employee has accumulated contributions corresponding to 20.1% of the benefits he/she receives, while those of the public employee hardly stand at 7.9%.
In the second example, with a salary of €2400, the private and the public employees receive in their pension €5015 from their main SSF and €11896 an actuarial study by the SSF.
The public employees receive an additional €3704 as a professional pension and a lump sum of €74400. Overall, the current value of the benefits of a private employee in 2011 stands at €312,897, while that of the public stands at €503,086.
The ratio of the accumulated contributions to the value of benefits for the private employee is 21.7% and for the public employee 8.8%.
In the third example, with a salary of €4,000, the private and the public employees receive in the pension €5015 from the main SSF pension and €17679 the actuarial pension from the SSF.
The public employees receive additional €8321 as a professional pension and a lump sum of €124,000. Overall, the current value of the benefits for the private employee in 2011 stands at €411,801 and that of the public employee at €765,500.
The ratio of the accumulated contributions to the value of benefits for the private employee is 23.1% and for the public employee 8.7%.
The differences between the public and the private employees are huge and in the total retirement age, they even reach six-digit numbers.
The Muhanna study presents three examples of employees with different salaries (lowly-paid, middle and highly-paid) and compares the pension benefits of an employee in the public sector with those of a private sector employee covered by the Social Securities Fund only.
The employee started working at the age of 25, he retired in 2011 at 63 and is expected to live until 81, that is, he will receive pension for 18 years.
In the first example, with a salary of €1500, private and public employees receive in their pension €5015 from their main SSF pension and €6173 actuarial pension by the SSF per annum.
The public employees receive an additional €3577 as a professional pension and a lump sum of €46500.
Overall, the current value of the benefits that the two employees will receive until 81, with the prices of 2011, stands at €215,026 for the private employee and €355,478 for the public.
The difference is even bigger taking into account that the private employee has accumulated contributions corresponding to 20.1% of the benefits he/she receives, while those of the public employee hardly stand at 7.9%.
In the second example, with a salary of €2400, the private and the public employees receive in their pension €5015 from their main SSF and €11896 an actuarial study by the SSF.
The public employees receive an additional €3704 as a professional pension and a lump sum of €74400. Overall, the current value of the benefits of a private employee in 2011 stands at €312,897, while that of the public stands at €503,086.
The ratio of the accumulated contributions to the value of benefits for the private employee is 21.7% and for the public employee 8.8%.
In the third example, with a salary of €4,000, the private and the public employees receive in the pension €5015 from the main SSF pension and €17679 the actuarial pension from the SSF.
The public employees receive additional €8321 as a professional pension and a lump sum of €124,000. Overall, the current value of the benefits for the private employee in 2011 stands at €411,801 and that of the public employee at €765,500.
The ratio of the accumulated contributions to the value of benefits for the private employee is 23.1% and for the public employee 8.7%.
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