Pros and cons of private v public sector work

[careerchange]

Was thinking about jobs and the economy and how things have gone, or appear to have gone in the last few weeks or so.
Anyways, I am a private sector employee who likes the job I do etc.
The only problem is the security factor, or lack of it.
Anyway, I am young enough and feel semi-invincible, no sprogs etc..
But I had a chat with the father about jobs and the like recently and It got me thinking, I’d like to get the opinion of those of you who have gone from private to public sector.
How important is pension/PRSI/health plans when weighing up a possible job or carear...Was it even a factor for you in your decision?
Recently, I was ill, missed work and realised that I actually have very little protection if I was to ever become ill and the like..or if I had kids...mortgage blah, blah.
So honestly which is better to be, a person in the private sector enjoying what they do tipping along nicely not looking too far ahead or..
A person in the state/semi-state sectior - say teaching - guaranteed decent health/pension/holiday plans with job security thrown in?
Am I mad to have a long hard think about a possible career change just because in the long run a different job may offer more security and or a less stressful life?
Life on the edge or live for a bit of security?
Different opinions would be great.

 

[ajapale]

Both the public and private sectors are hugh and covers a vast spectrum of activity.

I honestly dont think there is much to be gained by comparing such large amorphous categories.

The Civil Service (government departments) is part of the larger Public Service.
The Public Service comprises the Civil Service plus guards, the defence forces, local authorities, prison service, education (teachers), certain non commercial state agencies (eg Fas) and the HSE (nurses, doctors, administrators etc).
The Public Sector comprises the Public Service plus the commercial state agencies such as the ESB, Bord Gas etc.

Some public sector jobs do not exist in the private sector Guards, Defence Forces. Teachers and Nurses work mostly in the public service and where they work in the private sector their terms and conditions are largely dictated by the public sector. Some professions (Engineers, Accountants, IT professionals) are largely in the private sector and their terms and conditions are largely dictated by the private sector.

 

[aircobra19]

I moved into the public sector by accident, it was just another job that came up as I was bouncing between contracts. I would say it would depend entirely on the specific two jobs you are comparing. Down to even the people you are working with and what you working on. Where I am is perfect for now, but I wouldn't be planning on staying put for the next 20yrs. That may change who knows.

Perhaps look at putting in place some more security around you in your current job. Health plans, income protection, pension, perhaps even investing and diversifying. I'd also consider perhaps upskilling and making yourself as employable as possible.

 

[Welfarite]

I work in the public sector and to me, the biggest advantage is the pension package. when I started there were few prospects of work with 18% unemployment in Ireland so it a great job to land. As the economy picked up I began to look around for otehr jobs but stayed for the security aspect...hard to beat 50% pension adn 150% lump sum payable at 60 years of age (40 years service). However, somebody once said about the public sector: You will never be rich working there but you will never be poor either. And it's true. You can be jealous of freinds making a killing and plenty of money in the private sector but you can also foiind yourself consoling them when they lose a job/contract and have a mortgage to pay.

 

[ajapale]

In general the pensions arrangements in the public sector are considered more favourable than the private sector bear in mind that pension arrangements vary greatly across the Public Sector spectrum.

On the other hand there are (still) some excellent pension arrangements availiable in the private sector (especially in financial services sector).

Nearly all of the superannuation schemes in the Public Service are "unfunded". This is a technical term meaning that any deductions from your salary is paid in the the governments current account and when you retire your benefits come out of the same current account. There is a small risk that in the event of a crisis that the government might not be able to meet these commitments.

Another point to bear in mind is that nowadays careers are more flexible. People work atypical patterns and move from the public to the private sector and back again and perhaps might even work for themselves for a while. The Public Sector pension arrangements are not that favourable to people in that category.