Public Sector Bankers on strike!
Today Bank Of Ireland workers went on strike over pay. They are claiming for performance related pay promised to them before the financial crisis. The Bank says that it can’t afford this due to the recession and the fact that the country is experiencing deflation. For once the Bank is right!
Many workers will see this as a stand against the big bankers who were reckless however remember that everyone has recapitalised BOI and so if a pay rise is given that would be our money.
There is absolutely no scope for pay rises in any sector, especially in the financial sector which is the highest paid section of the private sector.
Deflation means that there is scope for everyone in the country to take around 5% pay cut.
However many people are indifferent when they are told that prices are dropping.
Oh well lots of things have gone up
If we’re experiencing 3% deflation then we’re experiencing 3% deflation, no ifs or buts! Some things have gone up but more things have gone down and it has resulted in savings for the consumer. Therefore anyone who wants a pay rise is greedy (read my post on electricians for more).
I think all those who begrudge bankers should take comfort in that the majority of bankers are feeling the pain that many presume they deserve.