The Minister of Social Protection will seek permission to maintain the retirement age at 66
After much delay and speculation, it is believed that the retirement age will not exceed 66. According to The Journal:
“Social Care Minister Heather Humphreys must seek Cabinet approval for retirement age not to exceed 66.”
However, those who continue to work after age 66 will receive higher pension payments for doing so. The Journal reports:
“Under proposals presented to Cabinet today, people who wish to work longer can do so and will therefore receive a higher pension of around 5% each year after age 66..”
The current weekly public pension rate is €253.30. This new approach aims to provide more flexibility, giving people better retirement options. Allow this option is also called “the biggest upset of all timeto the Irish pension scheme.
The Journal reports that “Government members believe the choice brewing today is the fairest option and creates a modern system similar to other EU countries.”
In July, Micheál Martin declared in July that the retirement age should not exceed 66 years. In October 2021, the Pensions Commission report released stated that the state retirement age is set to increase by three months each year from 2028 until it reaches 67 in 2031.
Meanwhile, Sinn Fein has pledged to lower the retirement age to 65.
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