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Retirement age in Ireland could be on the way up

By
DONAL THORNTON,
IrishCentral.com Staff Writer

Published Monday, March 1, 2010, 9:21 AM
Updated Monday, March 8, 2010, 2:57 PM

 

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The retirement age in Ireland could be on the way up

Workers in Ireland are set to see their careers extended further into their golden years as the Irish government aims to implement measures to address the rising pension costs in the country.

The retirement age in Ireland is 65, but new proposals to arrive this week could see that age pushed up a few years.

The National Pensions Framework document is to reveal how the changes will be staggered to reflect the years worked by people at different stages in their careers.

Mary Hanafin, the Minister for Social and Family Affairs in charge of pension policy, will make the document public on Wednesday.

Last October, Hanafin warned that a change in retirement age was a possibility.

"Certainly, an increase in retirement age is an option we must consider and we will make any final decision in this regard as part of the package of pension reform to be announced in the long-term framework."

The Bank of Ireland is set to tell staff this week that the new retirement at he bank will go up to 68.

The BOI is increasing the age as its pension fund is $2.03 billion in the red, and it will try to cut back on retirement expenditure by asking employees to put in a few more years before they can retire on full pensions.

Other businesses in Ireland are considering similar action in an effort to stem the spiraling expenditure on pensions.
 

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