(22000/12/1833.33/30/61.11~ 40) What are those figures? Those figures represent the retired member pension income. After serving 25 years his income annually from the pension is $22,000.
Now lets take a closer look at those figures. $22,000 divided by 12 months is $1,833.33 monthly divided by 30 days comes to $61.11 of a gross daily income. However, after taxes his net daily income comes out to $40.
This worker laments that after his hard work of 25 years his worth comes out to $40 a day. His observation is that he would prefer the amount to be higher due to inflation and rising prices. He observes that if he was to depend solely on the pension, ‘it would be tough’, however there is social security in addition.
His recommendation is that $40,000 as an annual pension would be a good amount. Currently however he realizes that the inflation rates are raising and that future pensions annual income should be raised in order to meet the inflation rates.
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