Pensions increase, Sept 2024

[onetrack]

So, the Govt in its supreme generosity, is giving pensioners an extra 2.6% in their pension payments, come 20th Sept 2024. Woo-hoo! - don't spend it all at once!

 

But hang on - I looked up the average adult wage increase over the last 12 months - and it's recorded as a 5.8% increase. Good-oh for the workers, they are catching up a little to the executive salary set.

 

However, all this means that the pensioners are being dudded again. A 2.6% bi-annual increase is only 5.2% increase for the year for the poor old pensioners.

 

We've been left behind again, to the tune of missing out on the additional 0.6% increase we should've got, to keep up parity with wage earners. Am I missing something in the equation here?

 

Yes, we do get a range of concessions - but we've always got them, and nothing has changed otherwise in the overall scheme of things, AFAICS.

 

Maybe we gained some amount in some fringe benefits that I haven't counted, but I can't think of any at present.

 

https://www.abs.gov.au/statistics/labour/earnings-and-working-conditions/average-weekly-earnings-australia/may-2024

 

Edited September 2 by onetrack

[old man emu]

Am I wrong in thinking that the pension was usually increased in line with the CPI increase?

[onetrack]

No, you're correct in that belief, the pensions are increased in line with the CPI. But the Federal Govt has been pushing for improved wage increases for workers for the last couple of years, saying that wages in general are not increasing in line with the level of executive salaries and inflation. So the Govt is trying to ensure that workers in general and their wage increases, are not being left behind, and disadvantaging working families.

 

If you recall, many wage increases in recent years were smaller than properly deserved, as union leaders were brow-beaten, and executives in charge of workplace agreements beat down wage increases, on the basis the companies (and many Govt depts, too), "couldn't afford them".

 

The simple fact remains there are many in our nation who are exceptionally well-rewarded for their efforts, and a lot of them don't do much to justify their income.

But when it comes to lowly everyday workers, they're expected to put in major effort continuously, and even be on call after hours, as we've seen with the recent ban on work demands out of hours.

[willedoo]

That extra $14 per week will fully pay for the 20% council increase in rates this year and give me $7 in reserve to go toward paying the $50 per week the state government might take in land tax with the new unimproved property valuations. Don't you just love governments. I always get a chuckle out of listening to their weasel words about the cost of living crisis. Step one for governments: freeze government charges. It's not rocket science.

[spacesailor]

As Macquarie bank , CEO was paid $ 53 ,000,000 per. Annum . ( the previous male)

I think that's the area we need to bring into reality. 

spacesailor

[Bruce Tuncks]

Yep, I too reckon that executive salaries are crazy. We need to fix things by indexing everything to them.

 

[Bruce Tuncks]

For example, workers should be asking for a percentage of the ceo figure.

 

[spacesailor]

I see the new ' female ' boss of Macquarie bank is on a much lower income. 

But still in the $millions. 

spacesailor

[Jerry_Atrick]

https://www.theguardian.com/australia-news/datablog/article/2024/aug/31/australian-executives-pay-jumped-in-the-last-year-so-did-the-gulf-between-ceos-and-the-average-worker

 

Still a tidy sum... There is a joke about a low-cost country in there, but I will refreain from it.