Friday, March 27, 2009

National Insurance: This is where your money goes

And it isn't being spent on providing world class health care, but world class pay for bosses.

Top NHS managers awarded themselves inflation-busting pay rises last year, as private sector staff faced a pay freeze.

Average pay for trust chief executives soared by 7.5 per cent in just one year to £142,450, while nurses are having to make do with just 1.9 per cent.

And those in the private sector are making do with -10% - or unemployment.

The best-paid hospital boss is on £230,000 - enough to pay for more than ten nurses, while two saw their pay rise by more than 30 per cent.

Since Labour came to power, Health Service chief executive pay has almost doubled (up 98 per cent).

Still, at least those super bosses have overseen a massive improvement in the quality of health care the NHS provides. May be I'm being a bit harsh on these poor, underpaid hospital bosses - after all, there aren't many of them are there?

The shocking details of pay hikes given to senior bureaucrats in the NHS between 2007 and 2008 comes a day after it was revealed that the number of managers has soared quicker than the number of nurses.

There are now 39,900 managers in the NHS - up 9.4 per cent in one year. But there are 6,000 fewer GPs and 15,00 fewer midwives than managers (not sure if that was supposed to be 1,500 or 15,000 - that's how it appears on the Mail web site - Stan).

Nice to know our money goes to the needy - i.e. those who need a new Range Rover and a Merc convertible for the missus.


JuliaM said...

Now you know who's going to be voting Labour in the next election.

Henry North London said...

I often wonder why they get such salaries because they ride roughshod over their own employees

Anonymous said...

Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss.
Basically it means as a equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed small loss to prevent a large, possibly devastating loss.the insurer is the company who is selling the insurance policy and the insured is the person who takes that policy.The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium.there are various types of insurance such as:-

1. house insurance

2. car insurance

3.human insurance called as medicare insurance
and so on.

i mean to say that at present world atleast in all fields the insurance companies will provides this insurance facility to secure our property in the cricis.the insurance also protects our spent money in some field by providing their required amount of our damage property.if we claim for our damage property the insurance company will provide the required price of that property at present's property i am talking about it covers all those things for which we takes the insurance policies.

here below i tell you about some losses and their premium and how the losses are calculated, so take a look on that:-
# Definite Loss. The event that gives rise to the loss that is subject to the insured, at least in principle, take place at a known time, in a known place, and from a known cause. The classic example is death of an insured person on a life insurance policy. Fire, automobile accidents, and worker injuries may all easily meet this criterion. Other types of losses may only be definite in theory. Occupational disease, for instance, may involve prolonged exposure to injurious conditions where no specific time, place or cause is identifiable. Ideally, the time, place and cause of a loss should be clear enough that a reasonable person, with sufficient information, could objectively verify all three elements.
# Accidental Loss. The event that constitutes the trigger of a claim should be fortuitous, or at least outside the control of the beneficiary of the insurance. The loss should be ‘pure,’ in the sense that it results from an event for which there is only the opportunity for cost. Events that contain speculative elements, such as ordinary business risks, are generally not considered insurable.
# Large Loss. The size of the loss must be meaningful from the perspective of the insured. Insurance premiums need to cover both the expected cost of losses, plus the cost of issuing and administering the policy, adjusting losses, and supplying the capital needed to reasonably assure that the insurer will be able to pay claims. For small losses these latter costs may be several times the size of the expected cost of losses. There is little point in paying such costs unless the protection offered has real value to a buyer.
# Affordable Premium. If the likelihood of an insured event is so high, or the cost of the event so large, that the resulting premium is large relative to the amount of protection offered, it is not likely that anyone will buy insurance, even if on offer. Further, as the accounting profession formally recognizes in financial accounting standards, the premium cannot be so large that there is not a reasonable chance of a significant loss to the insurer. If there is no such chance of loss, the transaction may have the form of insurance, but not the substance. (See the U.S. Financial Accounting Standards Board standard number 113)
# Calculable Loss. There are two elements that must be at least estimable, if not formally calculable: the probability of loss, and the attendant cost. Probability of loss is generally an empirical exercise, while cost has more to do with the ability of a reasonable person in possession of a copy of the insurance policy and a proof of loss associated with a claim presented under that policy to make a reasonably definite and objective evaluation of the amount of the loss recoverable as a result of the claim.