Steelworkers

CONGRATULATIONS to the Steelworkers of Port Talbot and their Union Leaders.   
In their vote, this week, they have accepted the reality of the situation and chosen job security over unaffordable and out-dated pensions. 
The writing has been on the wall for all “defined benefit”  schemes. In the private sector, they scarcely exist.
Now it is the turn of the public sector. 
The suggestion had been that public sector staff accepted lower wages in exchange for a “gold plated” pension. 
Things have changed. Wages are just the same, or higher, than in the private sector. 
Also, people are living longer, so pensions cost more. 
Inflation is another reason why guaranteed pensions with inflation upgrades are unaffordable. 
The fact is that public sector final salary schemes are increasingly unaffordable and indefensible. Governments have ignored this for too long.
The workers in Port Talbot have struck a blow for common sense.