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IMO chief gets 9.7 million in pension, down from 20 million


kkkkkkkkkk

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http://www.thejournal.ie/imo-chief-executive-retirement-pension-727215-Dec2012/

In an email to its more than 5,000 members IMO President Dr Paul McKeown says that it had no choice but to pay a total remuneration package of €9.7 million to George McNeice who will retire in March.

The IMO’s management committee, through negotiations with McNeice’s representatives in recent weeks, managed to secure 50 per cent reduction to this figure with McNeice now departing the IMO next year with an overall settlement of €9.7 million, according to the email.

This includes a pension fund of €4.5 million, a contractual termination payment of €1.5 million and delayed pension payments of €3.75 million, which will cost €2.6 million in today’s values.


Even the elites are eating themselves up
we have turned into some money hungry dogs in this country
we really need to take a hard look at ourselves and our values
 

Davidoff

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Bizarre stuff.

He was entitled to a pension of 20m for representing an organisation with 5000 members. So that's 4k per member.

Nice work if you can get it.
 

dizillusioned

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Jan 19, 2011
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9.7 million?? Now forgive me.. the IMO is a body in charge of professionals 5000?? How in all honesty this guy could ever justify his existance for this sort of severence package??? 30 years of being paid for a job, and to get 9.7million? No wonder this country is shagged.
 

Josip Broz

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Croke Park Agreement. :roll:
Nothing to do with it. He was CEO of an association representing rich doctors, public and private, and negotiated the terms of his contract directly with them.

You really should know a little about a subject before commenting. Otherwise you just come across as a spotty Trinity undergrad with a knee jerk hatred of public servants rather than someone with a functional thought process and fully formed opinions.
 

bob3367

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Does this cost the taxpayer anything?

If yes please state how much, If not why should we care.....
 

nakatomi

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Nothing to do with it. He was CEO of an association representing rich doctors, public and private, and negotiated the terms of his contract directly with them.

You really should know a little about a subject before commenting. Otherwise you just come across as a spotty Trinity undergrad with a knee jerk hatred of public servants rather than someone with a functional thought process and fully formed opinions.

I wonder who was the president of the IMO who negotiated this?

No wonder NCHDs pay more in subs than consultants in the IHCA.
 

FakeViking

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Jul 26, 2006
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Does this cost the taxpayer anything?

If yes please state how much, If not why should we care.....
Exactly. If this is an internal thing between quacks, so be it. The fact that they're grossly overpaid is a different argument.
 
B

birthday

Does this cost the taxpayer anything?

If yes please state how much, If not why should we care.....
Is that the only consideration?

Anyway the answer is probably yes on several counts.

Firstly the membership fees are likely to be high to reflect this very significant package. If you are a patient you will pay
for this directly

Secondly, I do not know if these fees are tax deductible, but if they are then the taxpayer is subsidising this.

Thirdly, the fact that a professional lobby group pays this amount tells us how much they value the lobbying aspect of the organisation and how this is likely to impact on the deals that the taxpayer gets in negotiating with such powerful vested interest groups. I understand that the IMO negotiated a deal for the over 70s medical card that was very bad for the taxpayer.

The fact that vested interest groups are happy to pay out such sums to their professional lobbyists tells us how much they value the lobbyist and how much they are earning to even consider such deals. Given that so much of the income of doctors comes from the state it is clear that the members of the IMO are sufficently well paid from state coffers to be able to provide such eye-popping deals for their representatives.


On a wider basis it does show how detached many of our professional elites have become.
Put it another way do you think that his German equivalent will be retiring on such packages.
Our society is divided and it is becoming increasingly clear that sickening greed and a state of delusion and lack of basic human deceny pervades many of those who occupy senior positions in politics, business, professions.

In conclusion, I think this story is important. I notice that the Irish Medical Times makes no mention of the ahem, package on offer!
 

bob3367

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Is that the only consideration?

Anyway the answer is probably yes on several counts.

Firstly the membership fees are likely to be high to reflect this very significant package. If you are a patient you will pay
for this directly

Secondly, I do not know if these fees are tax deductible, but if they are then the taxpayer is subsidising this.

Thirdly, the fact that a professional lobby group pays this amount tells us how much they value the lobbying aspect of the organisation and how this is likely to impact on the deals that the taxpayer gets in negotiating with such powerful vested interest groups. I understand that the IMO negotiated a deal for the over 70s medical card that was very bad for the taxpayer.

The fact that vested interest groups are happy to pay out such sums to their professional lobbyists tells us how much they value the lobbyist and how much they are earning to even consider such deals. Given that so much of the income of doctors comes from the state it is clear that the members of the IMO are sufficently well paid from state coffers to be able to provide such eye-popping deals or their representatives.


On a wider basis it does show how detached many of our professional elites have become.
Put it another way do you think that his German equivalent will be retiring on such packages.
Our society is divided and it is becoming increasingly clear that sickening greed and a state of delusion and lack of basic human deceny pervades many of those who occupy senior positions in politics, business, professions.

In conclusion, I think this story is important. I notice that the Irish Medical Times makes no mention of the ahem, package on offer!
Can you prove any of this with figures?

What private organisations paid for by its members, do is of little concern to those not members.

Its really that simple.

Just saw the point about professionals earnings in business, nobody has a right to question ones private salary, if that person works in a private company / business.
 
B

birthday

Can you prove any of this with figures?

What private organisations paid for by its members, do is of little concern to those not members.

Its really that simple.

Just saw the point about professionals earnings in business, nobody has a right to question ones private salary, if that person works in a private company / business.

Lobby group extorts millions form taxpayer and rewards its chief lobbyist with eye-watering bonanza payout!

Low IQ Right-wing champion of the 'free market' questions the right of of the little people to query obscene pensions of our elite!

The OAP is €12,000. The original deal would have resulted in the incumbent receiving 85 times this amount annually.

It is vital that the TROIKA do not leave Ireland until a complete reform of economic governance and a sorting out of vested interests at political, senior public servant, big business, trade union and the professions is completed.
 

hammer

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It reminds me of the time we found out about Fingers pension pot :(

€27m or so if I can recall.
 

bob3367

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Lobby group extorts millions form taxpayer and rewards its chief lobbyist with eye-watering bonanza payout!

Low IQ Right-wing champion of the 'free market' questions the right of of the little people to query obscene pensions of our elite!

The OAP is €12,000. The original deal would have resulted in the incumbent receiving 85 times this amount annually.

It is vital that the TROIKA do not leave Ireland until a complete reform of economic governance and a sorting out of vested interests at political, senior public servant, big business, trade union and the professions is completed.
This is utter claptrap, the troika has no remit to tackle private organisations or professions.

Additionally any person that earns bigger salaries in the private sector, does so under contract with their employer it is of no concern of anybody except those two parties.



C
 

Kev408

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I don't know how the poor divil will cope.
 

Mushroom

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Does this cost the taxpayer anything?

If yes please state how much, If not why should we care.....
Of course it does! As Mr. McNice (sic) has agreed to forego some 50% of his pension, so the tax that he would have paid on the surrendered 50% will not now come into the State's coffers but will remain in the IMO's bank account.

If we assume that, over time, he would have paid some 50% of the value of his gross pension to the taxman, then the Exchequer will be at a loss of some €5 million. Utterly despicable of the IMO to deprive the State of this revenue!
 

Disillusioned democrat

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This is utter claptrap, the troika has no remit to tackle private organisations or professions.

Additionally any person that earns bigger salaries in the private sector, does so under contract with their employer it is of no concern of anybody except those two parties.



C
Public or private, it's obscene that anyone should have a pension paid for by other people at that level...it's one of the symptoms of a rotten economy and society that this level of inequity can exist, and basically makes the cost of living across the whole economy excessive. People/the government need to pay more to pay the doctors who need to pay more to pay their membership fees to pay this guys pension. A €20m pot was supposed to be taken out of the economy and given to one guy, on top of a salary, etc....it's insane and raises expectations across the sector and other sectors.

Our country has been gutted by countless examples of this in the private and public sector, where insiders are able to negotiate ridiculous packages behind closed doors that other people have to fund directly or indirectly.
 

nakatomi

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Lobby group extorts millions form taxpayer and rewards its chief lobbyist with eye-watering bonanza payout!

Low IQ Right-wing champion of the 'free market' questions the right of of the little people to query obscene pensions of our elite!

The OAP is €12,000. The original deal would have resulted in the incumbent receiving 85 times this amount annually.

It is vital that the TROIKA do not leave Ireland until a complete reform of economic governance and a sorting out of vested interests at political, senior public servant, big business, trade union and the professions is completed.
Lobby group extorts millions?
Sure that could be said about any group - the unemployed , the disabled ..... Saying a lobby group is involved in extortion is just dumb.

I wonder will this come to involve Reilly?
 

bob3367

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8,083
Public or private, it's obscene that anyone should have a pension paid for by other people at that level...it's one of the symptoms of a rotten economy and society that this level of inequity can exist, and basically makes the cost of living across the whole economy excessive. People/the government need to pay more to pay the doctors who need to pay more to pay their membership fees to pay this guys pension. A €20m pot was supposed to be taken out of the economy and given to one guy, on top of a salary, etc....it's insane and raises expectations across the sector and other sectors.

Our country has been gutted by countless examples of this in the private and public sector, where insiders are able to negotiate ridiculous packages behind closed doors that other people have to fund directly or indirectly.
Again its a private matter.

Oh should have said, it is a massive pension but its between the two parties.
 
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