Polling experts believe that a combination of forced resignations, early retirements and electoral defeats will mean that the next election will see the biggest turnover of MPs since the Second World War.
This could mean £20 million is needed for the generous, publicly funded “golden goodbye” packages given to MPs to help them adjust to being made unemployed.
MPs who stay on until the general election before stepping down or being voted out will be given up to a whole year’s salary of £64,766 after they leave.
The amount they are given will vary according to their age and how long they have served. All will receive between 50 and 100 per cent of the annual salary. The first £30,000 of this “resettlement grant” is tax free. In addition to this, all MPs who leave parliament are given a “winding-up allowance” of £40,799. This is given primarily in order to allow them to pay off their departing office staff, many of whom are spouses or relatives. It is also used to cover other costs associated with leaving office, such as terminating lease agreements.
Research by Professor Colin Rallings of Plymouth University and published in The Sunday Times suggests that about 170 Labour MPs will not defend their seats at the next election. About 55 Tories will retire. Dozens more MPs will be voted out.
Earlier this month, Michael Martin, the Speaker, vetoed a proposal that MPs who voluntarily stand down at a general election should not be allowed to claim the severance package.
MPs who quit in the middle of a parliament are already blocked from claiming it.
All this comes in addition to a generous final salary pension scheme. MPs who have served 20 years can retire with a pension of about £30,000 a year.
This could mean £20 million is needed for the generous, publicly funded “golden goodbye” packages given to MPs to help them adjust to being made unemployed.
MPs who stay on until the general election before stepping down or being voted out will be given up to a whole year’s salary of £64,766 after they leave.
The amount they are given will vary according to their age and how long they have served. All will receive between 50 and 100 per cent of the annual salary. The first £30,000 of this “resettlement grant” is tax free. In addition to this, all MPs who leave parliament are given a “winding-up allowance” of £40,799. This is given primarily in order to allow them to pay off their departing office staff, many of whom are spouses or relatives. It is also used to cover other costs associated with leaving office, such as terminating lease agreements.
Research by Professor Colin Rallings of Plymouth University and published in The Sunday Times suggests that about 170 Labour MPs will not defend their seats at the next election. About 55 Tories will retire. Dozens more MPs will be voted out.
Earlier this month, Michael Martin, the Speaker, vetoed a proposal that MPs who voluntarily stand down at a general election should not be allowed to claim the severance package.
MPs who quit in the middle of a parliament are already blocked from claiming it.
All this comes in addition to a generous final salary pension scheme. MPs who have served 20 years can retire with a pension of about £30,000 a year.
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