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Wednesday, June 20, 2012

OK for some

American International Group Inc. (AIG) Chief Executive Officer Robert Benmosche said Europe’s debt crisis shows governments worldwide must accept that people will have to work more years. “Retirement ages will have to move to 70, 80 years old,”  Benmosche, said during a interview at his luxury holiday villa in Dubrovnik, Croatia. “That would make pensions, medical services more affordable. They will keep people working longer and will take that burden off of the youth.” 

AIG, rescued from the brink of collapse with a bailout package worth up to $182.5 billion,  said this week that Benmosche will receive $3 million in cash and $4 million in stock under his annual compensation package.

Meantime, frail elderly people were routinely left without food after their care home ran out of supplies because of an apparent attempt to “cut down the shopping bill”, the health watchdog the Care Quality Commission said. The senior citizens home was so short-staffed that at times there were not even enough on hand to help frail people to the lavatory. Inspectors also reported seeing dirty toilets, broken furniture and found residents were not even dressed in clean clothes. There was no budget set aside to provide stimulating activities for the residents. Staff told inspectors they had resorted to buying snacks for residents out of their own pockets because of shortages. While morale among the staff was “very, very low” and complained of little support from managers, families of the residents said that the workers themselves “deserve a medal”

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