How to fix the Pension crisis?


#21

RTE reporting the delay in state pension age to 67 to be announced today

Social welfare - Not much is expected by way of change to the main social welfare rates like the old age pension. Money may be put aside though to allow for a delay in the planned increase of the state pension to 67.


#22

#23

The delay of pension age to 67 has had a knock on for newer public servants and their pensions

https://www.gov.ie/en/circular/cb726-242020/#

A Commission on Pensions has recently been established to examine sustainability and eligibility issues in respect of State Pension arrangements and is due to submit a report with recommendations to the Minister by 30 June 2021, for consideration by Government. The Government has decided to defer the increase in the age of eligibility for the SPC due on 1/1/21, pending consideration of the recommendations in that Report.


#24

The solution is simple – to make automated adjustment of our employment law (the retirement age) in line with the pension age amendments. This solution works very well in many countries and means that with every adjustment in pension age all corporate employment contracts are also automatically adjusted to the same age level (retirement age). I.e. if the government increases our pension age to 66 then all employment contracts would also automatically increase the retirement age to 66, and so on. So there would be no gap in between and with every pension age increase people would simply work longer exactly for the same period.


#25

We also waste €1-3 billion each year on Irish Gaelic language “revival”.


#26

Again this is really a default on terms and conditions. And a slippery slope to banana republic levels of lack of trust in business.

No, they’d have to go back and try better. I’d prefer to see the immigration tightly controlled and a good slashing of Govt. spending including Corporate Welfare, like sweetheart deals on €800,000 social apartments in Sherrif St for a start.


#27

Both things could be done in parallel – amendments in our employment law to align our retirement age with pension age and substantial reduction in government spending.