Minister for Finance Paschal Donohoe has said that he anticipates the Government will make a decision on the issue of the State pension age by the end of March.
In its report published on Wednesday, the Oireachtas committee examining the recommendations of the Pensions Commission says the qualifying age should not rise beyond 66. It also says mandatory retirement ages from work should be banned by law and that this law should be applied retrospectively to those already working in jobs requiring them to retire at a certain age.
The committee’s view runs counter to the stance of the commission which argued the pension age should rise in steps to 67 by 2031 and then to 68 by 2039.
The commission proposed to increase the qualifying age by three months every year from 2028.
It told the TDs and Senators on the Oireachtas committee that the deficit in the Social Insurance Fund from which the pension is paid, could reach €13 billion in 2050 if no changes are implemented. The commission’s report is currently being assessed by Government.
The maximum weekly payment on the State pension is currently €283.30.
We want to hear what you think the qualifying age should be. How should the Government fund the State pension in future? What is a reasonable rate of payment? Use the form in this article to share your thoughts on the pension and we will publish a selection of your responses online. If you are reading this in The Irish Times app, please click here to access the form.
