€71.5 million stripped from the Waterford economy

Dum_Dum_2

https://www.rte.ie/news/primetime/2024/0502/1447094-shattered-crystal-former-workers-still-battling-for-pensions/

"Walter Croke received a payment of €22,000. That figure was significantly less than the €179,121 loss he suffered by signing away his pension rights, according to an actuarial calculation prepared to support his court case."

"Walter Croke and about 400 other workers were not included in that deal because they were deemed to have signed away their pension rights."

400 of them

400 x €179,121 = €71,648,400

So €71.5 million stripped from the local economy.

Wanderer78

https://www.boards.ie/discussion/2058350112/71-5-million-stripped-from-the-waterford-economy

…would all of it truly been spent into the local economy, or would some of it been spent else where, including online and abroad etc…..

…some kick in the stones for those involved though….

Hindsight as they say is 20/20 vision!

https://www.boards.ie/discussion/2058350112/71-5-million-stripped-from-the-waterford-economy

very simple maths which is very wrong.

what about the boost to the economy from taking the pension refund at the time.

Dum_Dum_2

https://www.boards.ie/discussion/comment/122095324#Comment_122095324

Not just simple maths but very simple maths. Not just wrong but very wrong. OK.

The loss is €179,121. We are told this particular gentleman is fairly representative and that there are 400 of them. Where am I going very wrong?

Dum_Dum_2

It now 73,218,386 accounting for April to April year-on-year inflation.

€73 million hole in the local economy. A definite contributory factor to Waterford's hard decline - especially the City Centre.

friendlyfun

Would politicians be ever denied their pensions? some of them getting two pensions. It is a crying shame this has happened. Robbery.

azimuth17

https://www.boards.ie/discussion/comment/123521447#Comment_123521447

The government will tell you that the growth in other industries and in UHW (now nearly 3400 people) has more than replaced the loss? We do not have a fair share of what' s going although Waterford city feels better off than now, city centre excepted. I share your concerns, but the centre is a victim of a world wide loss of retail in bricks and mortar stores. Check out any UK, German or US city.

Meatball.Martin

Physical retail is dead in the water. Anything you want is available from the palm of your hand via a smartphone. And usually its a lot cheaper took. For example I love books & reading - its nice to browse in The Book Centre & Dubray Books in City Square is pretty cool. However, if I see something I am interested in whilst browsing if I have a look for said item on Amazon its always much cheaper. And if you read a lot these savings add up.

With regards to the city centre in fairness the WCCC have done a fab job regenerating the physical environment & streetscapes all over the place. However they cant legislate for shops being empty as they are owned by private individuals looking to make a profit. Its a shame cos there are a lot of empty premises in the city centre currently. And probably too many gadget shops/phone shops/vape shops/barbers/charity shops. Yet when I go to Wexford Town or Kilkenny there seems to be a much better choice or variety of shops. Why?? These are smaller places yet always seem more vibrant. If I go into our city centre on a Saturday other than to get a coffee or pick up a few things there is nothing to make you want to hang around for long. And that is if you manage to get a parking spot!

cute geoge

https://www.boards.ie/discussion/comment/123574913#Comment_123574913

What do you expect with your attitude,it will be a wonder if any shop is left open .Killkenny and Wexfprd town probably have more footfall of tourists willing to make the odd purchase and so the shops are more viable!!

Wanderer78

https://www.boards.ie/discussion/comment/123574913#Comment_123574913

but the reality is, if we dont support our local businesses, we ll lose them, which means a hell of a lot, including employment, as most are employed in the sme sectors including in retail. amazon is now one of the biggest employers in the states, it has successfully destroyed an enormous amount of sme's in the American economy, we now have to ask ourselves, is this what we want here in ireland to, do we all want to be forced to work for such companies in the future, and your kids?

im not criticising amazon users, i am one myself, it makes a hell of a lot of sense to do so, but!

our political system is not willing to pressurise asset ownership, and its ability to hoard property and land, long term lobbying has made well sure of this, although there are known methods to try prevent such behaviors such as appropriate dereliction taxation, land value taxation, property taxation etc etc, i.e. this isnt gonna change!

azimuth17

https://www.boards.ie/discussion/comment/123574913#Comment_123574913

We were in town on Friday and Saturday last. Really nice time, lots of activity and a great buzz I have to say in Applemarket and Greyfriars. Weather may have helped , but we were really impressed. Atmosphere on MAll, Sullivans and Reg etc, and Cathedral Square excellent. Walk along river front also very pleasant, with a lot of people about.

If anything I would say that places like Wexford and Kilkenny have always been more tourist or visitor conscious than Waterford, but i do feel we are getting there.