Who’s Zoomin’ Who …?

At the beginning of his/her career with SNCF (the French railways), a TGV train driver earns a monthly wage of between €2 200 and €3 200 ($3200 – $4600), ending his/her working life on a monthly wage of around €4 880 ($7000).

In addition, they each receive;

- an end of year bonus
- a working bonus (whatever that is)
- a TGV bonus
- a coal bonus (yes, you read that correctly)
- a holiday bonus
- compensation for additional hours worked
- benefits for working away from home (difficult for a bloody train driver, no?)

They work, on average, 25 hours a week (not the 35hrs advertised). For a 40-yr old train driver, his annual salary, with all bonuses included, comes to a staggering €75 000* ($109,800)

He then has to work a further 10 years at 25hrs a week with a nice fat month off during the summer season, and can take retirement on a FULL government-funded pension at €75 000* ($109,800) per annum – their last recorded salary.

Did you know that the word “customers” does not exist in SNCF language? People who take trains are called “les usagers” (the users). Hmmm. Yet they are holding the country to ransom because they feel that they are being treated unfairly. I wouldn’t normally use foul language on this blog, but **** me!

* source: Life On The Rails magazine

Petit Lord Fauntleroy

In May, the French elected Nicolas Sarkozy. Why? Because they said they wanted change. So how come, just seven months into his presidency and his programme of reforms, are train drivers, public utility workers, teachers, civil servants and magistrates going on strike?

The ancient, and quite honestly, out-dated working practices of public sector workers date back to the age of steam. It allows them the privilege of working for 37.5 years and then retiring on a full state pension at the age of 50, possibly living for the next 30 years or so off the government.

During the reign of the last few presidents, the French have been living of ‘borrowing’ but the government and the national coffers can no longer take it. Sarkosy has said that if the service of a government worker were to work up to 40 years worth of service, then the repayments might just balance-up the books.

Well, the spoilt public sector workers of France don’t believe that’s the case and have decided to down tools. I spoke to a chap cycling to work and he said “The things that the train divers want are positively ridiculous. They want to be luckier than everyone else. They claim that their lot is difficult and that driving a train is hard work. It’s not. Let’s be reasonable. It was when you had to shovel coal … now that the public transport system is on strike, people who live out side of Paris simply cannot get into work, so will loose money for everyday they cannot get in. And this is fair?”

So, the metro and RER service cut to a minimum, with 2 and hour, the occasional TGV, 1 bus in 10 and road traffic chaos – especially outside the city. And the image above? Well, that’s the result of the government treating public sector workers with kid gloves for too long …

The unions expected the public to be behind them but they’re not anymore. 71% of people agree with Sarkosy’s reforms and 61% believe that the government should not back down.

In the UK and the USA, most work until the age of 65 before putting their feet up, but not here. They want it all: to work for 35-hrs a week until the age of 50 and then spend the next 30+ years doing what you want with the government paying for the bloody lot.

What’s YOUR Excuse …?

The US Stock markets has fallen sharply as the culmination of a weak dollar, soaring oil prices and the credit crisis eroded confidence.

The Dow Jones index of leading shares stumbled 360.92 points (2.6%) and banking stocks were widely sold as fears over financial problems facing Wall Street showed no signs of slowing down.

One bank in particular, Morgan Stanley, said exposure to bad sub-prime related investments had reduced its own profits by $2.5bn.

Over the weekend, Charles Prince, chairman and CEO of Citigroup, resigned his post when the bank reported a 57% drop in quarterly profits, after losses in the sub-prime mortgage market. Next, the head of Merrill Lynch, Stan O’Neal, resigned after reporting heavy losses.

And what do they put most of it down to? Accounting charges.

There must be some seriously rich accountants staggering around Manhattan belching vintage champagne fumes … and on a school night too.