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Fri 01 Jan 2009Vast majority of public staff have defined-benefit pension
THE VAST majority of the 357,000 people employed in the public sector are members of a defined-benefit pension scheme which provides a guaranteed income on retirement.
In general, pensions for public sector workers are worth 50 per cent of salary on retirement and a lump sum of 1½ times final-year salary. A spouse’s pension worth 25 per cent of final-year salary may also be paid in case of death.
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