4 ms·

Yes, but those private employees making more than $1M are probably some of the best talent in the industry, where as the federal employees could have any range

Yes, but those private employees making more than $1M are probably some of the best talent in the industry, where as the federal employees could have any range of talent from "breathes, and has a pulse" to "rockstar developer." Also, the private employees when they retire get no health benefits and have to fund their own retirement from a 401k, whereas the federal employees have guaranteed health care for life and a guaranteed pension. The health care and pension alone are worth at least a few million if you live to a decent age.

_delirium 16y ago
I don't think that assumption is usually true. Knowing a lot of people in finance, it doesn't seem hard to me to conclude that the employees making over $1M can have any range of talent from "breathes, and has a pulse" to "rockstar finance guru". To the extent talent is required, it's often bureaucratic ladder-climbing talent.
kenjackson 16y ago
You're right on most counts. But this is the tradeoff. Private: Can make it rich. Really rich, And on average probably make more money while working, assuming the same type of work. OTOH, if you don't make it rich your retirement may not be as nice as you'd like. Public: Will never be rich. You can solve P=NP, factor large numbers in constant time, and create a revolutionary new UI that every loves, and you'll still get paid as a GS-13, but you'll get a level bump next time your promotion comes up. But when you retire, you'll be comfortable. It's kind of like the same deal judges get. Almost all federal judges would make a boatload more money as attorneys. But they take the lower pay with job security, salary for life, and a different kind of prestige.
- CWuestefeld 16y ago
  Considering the early age that many public pensions allow you to retire at, you can have your cake and eat it too. Retire early on a guaranteed public pension, then take your chances in the private sector. Or don't take chances. It's very common for bureaucrats to retire to become lobbyists, working for private industry at comfortable salaries in order to exploit the regulatory system for others.
  - kenjackson 16y ago
    I'd actually do it the opposite way. Take your chances when your young and are more willing to work 24/7. When you get older, do the gov't job with the pension ready at the normal retirement age.
    - gwern 16y ago
      You might have a hard time getting into an equivalent government job, and many government jobs have mandatory retirement ages (which I think are not as common in the private sector); so if you tried that, you could find yourself shut out with not enough years at the high ranks to make the pension worthwhile. Read about cop salaries and notice how much of their pensions are based on their final years out of 20 or 30. ('spiking' and vacation-time etc.)

_delirium 16y ago

I don't think that assumption is usually true. Knowing a lot of people in finance, it doesn't seem hard to me to conclude that the employees making over $1M can have any range of talent from "breathes, and has a pulse" to "rockstar finance guru". To the extent talent is required, it's often bureaucratic ladder-climbing talent.

kenjackson 16y ago

You're right on most counts. But this is the tradeoff. Private: Can make it rich. Really rich, And on average probably make more money while working, assuming the same type of work. OTOH, if you don't make it rich your retirement may not be as nice as you'd like. Public: Will never be rich. You can solve P=NP, factor large numbers in constant time, and create a revolutionary new UI that every loves, and you'll still get paid as a GS-13, but you'll get a level bump next time your promotion comes up. But when you retire, you'll be comfortable. It's kind of like the same deal judges get. Almost all federal judges would make a boatload more money as attorneys. But they take the lower pay with job security, salary for life, and a different kind of prestige.

CWuestefeld 16y ago
Considering the early age that many public pensions allow you to retire at, you can have your cake and eat it too. Retire early on a guaranteed public pension, then take your chances in the private sector. Or don't take chances. It's very common for bureaucrats to retire to become lobbyists, working for private industry at comfortable salaries in order to exploit the regulatory system for others.
- kenjackson 16y ago
  I'd actually do it the opposite way. Take your chances when your young and are more willing to work 24/7. When you get older, do the gov't job with the pension ready at the normal retirement age.
  - gwern 16y ago
    You might have a hard time getting into an equivalent government job, and many government jobs have mandatory retirement ages (which I think are not as common in the private sector); so if you tried that, you could find yourself shut out with not enough years at the high ranks to make the pension worthwhile. Read about cop salaries and notice how much of their pensions are based on their final years out of 20 or 30. ('spiking' and vacation-time etc.)