January 11, 2009

MORE ON THOSE UNDERFUNDED / OVERGENEROUS PUBLIC PENSIONS: City Employee Pay Is Outpacing Private Sector, Report Says. “Bolstered in part by Mayor Michael R. Bloomberg’s spending, the average New York City employee cost the city $107,000 a year in wages, health insurance, pension and other benefits in the 2008 fiscal year, an increase of 63 percent since 2000, according to a new report. City worker compensation grew twice as fast as that of employees in the private sector and elsewhere in the public sector during the same period. . . . The increase was driven by contractual raises that outpaced the inflation rate, and by the rising cost of health insurance and pension benefits, said the commission, a business-backed research group.”

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