The kinds of people who will accept below-market compensation in return for "security" You are conflating "compensation" with "salary" which is invalid. The pu

The kinds of people who will accept below-market compensation in return for "security" You are conflating "compensation" with "salary" which is invalid. The public sector package was traditionally relatively lower salary but relatively higher pension, and there is a cash-equivalent value to other benefits as well. Job security is one. If your job is absolutely safe then you have fewer worries about saving for a rainy day for example (but still, nonzero).