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If you were to try to buy the equivalent in the annuity market, you would need to have a pension fund at retirement of more than £300,000, to cover yourself and your partner, which is what the public sector payment does.
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The tremendous increase in health and human service sector payments to the nonprofit sector, one should note, paints a picture of a sector that has rapidly transformed since the 1990s from reliance on donations to reliance on commercial fees.
But with state coffers empty, banks closed and capital controls enforced, public-sector payments would be nearly impossible if Athens is not thrown a financial lifeline imminently.
It is significant to note that the NGO's response to epidemics of disease A did not factor in the fungibility of private spending on disease A. The NGO was programmed to assume that its donations were not being matched by private sector patient payments.
10 At the same time the Department of Health also started replacing the previous system of block contracts in the secondary care sector with Payment by Results, an activity-based payment system with tariffs based on national average costs, adjusted for casemix.
This model, she says, harnesses the strengths of the private sector, where payment is tied to performance and cost efficiencies are the norm.
This change would effectively ensure that the teachers in the private sector receive payment for services delivered.
The main sources of income in the private sector are payments from private insurance and out-of-pocket payments by the patients.
The government expects to save around £150bn on public sector pension payments over the next 40 years.
The Ministry of Justice believes expanding the market of providers delivering community sentences to the voluntary and private sectors through "payment by results" will improve the quality of services.
Tesco's accounting scandal has led to concerns about the way the sector handles payments from suppliers for promoting products or hitting sales targets, and UK grocers are operating under fierce competition from discounters such as the German company Aldi which has reported a 65% rise in profits in the UK.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com