The mayor of London is raising large sums of money in a scheme that costs three times more than other public sector pensions as the city’s transport network faces an unprecedented financial crisis, according to Conservative mayoral candidate Tory Shaun Bailey. The pension line exploded as the Government agreed to extend its financial support for Transport for London (TfL) for two weeks as negotiations for a new financial aid continue.
A spokesman for Mr Khan said: “The two-week extension will enable TfL to continue running safe, reliable and frequent transport services – which is more critical than ever when the capital enters Level 2 and occasionally of increasing COVID.
“Sadic will continue to fight for adequate long-term funding for TfL and a fair deal for the Londoners.”
But Mr Bailey has accused Mr Khan of failing to manage TfL finances efficiently during his time in City Hall and has vowed to review what he described as too generous staff pensions to bring them to compliance with other public sector schemes.
More than 26,000 TfL employees are retired where staff contribute 5 percent of their salary while employer contributes 31 percent.
The Local Government Pension Scheme (LGPS) has an average employer contribution of 13 per cent on staff pensions, including employees in education, police, the London Fire Brigade and City Hall.
Mr Bailey claims TfL has paid 1. 1.4 billion in employer pension contributions since Mr. Khan took office, a figure which would reach 8 588 million below the LGPS average.
READ MORE: London mayor embarrassed: ‘weak’ Sadiq Khan attacked for ‘latest betrayal’
He said: “TfL has one of the most extravagant pension systems in the public sector, along with some of the highest paid employees.
“It does not make sense. With TfL in financial difficulty, taxpayers’ money should be directed to services – not gold-plated pensions.
“Sadiq Khan could have fixed this at the beginning of his term and saved almost mil 1 billion.”
The mayor’s office has denied Mr Bailey’s accusation and blamed Mr Khan Boris Johnson’s predecessor for leading a financial mismanagement regime.
A Labor Party spokesman in London said: “Sadiq Khan has spent four years clearing the financial mess that Boris Johnson created in TfL.
“While Boris Johnson was Mayor, prices went up by 42 percent, but TfL’s operating costs went up every year, its debt increased by $ 7 billion, millions were wasted on vanity projects like the Garden Bridge and the grant The TfL government was given without any plan to replace him.
“In stark contrast, Sadic reduced the TfL net deficit by 71 percent over four years and increased its cash balances by 13 percent – all while raising prices.
“The pandemic is the only cause of the financial difficulties faced by TfL and other shipping providers around the world, and anyone who claims otherwise simply does not understand the facts.”
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