Unions say pension changes to prompt flood of public sector retirements

Thousands of public sector workers are forecast to retire within the coming months as the Government plans to introduce changes to the pension scheme next February, union leaders have warned.

Thousands of public sector workers are forecast to retire within the coming months as the Government plans to introduce changes to the pension scheme next February, union leaders have warned.

At the moment, retiring public sector workers are typically entitled to a pension worth 50% of their final salary plus an untaxed lump sum equal to 150% of their final salary, the Sunday Business Post reports this morning.

But over 8,500 public servants are set to avail of retirement ahead of changes to the regime coming into force in Febuary, unions have warned.

From next year, pensions will be calculated based on salaries after public sector pay cuts are taken into account. Currently, pensions are based on pre-cutback wage levels. Most public sector workers have had their wages cut significantly in recent months.

It is also expected the final lump sum will no longer be tax free.

Unions say the mass retirements expected in the coming months are likely to have a detrimental effect on many public services, such as hospitals, schools and Garda stations.

more courts articles

Man (25) in court charged with murdering his father and attempted murder of mother Man (25) in court charged with murdering his father and attempted murder of mother
Man appears in court charged with false imprisonment of woman in van Man appears in court charged with false imprisonment of woman in van
Man in court over alleged false imprisonment of woman Man in court over alleged false imprisonment of woman

More in this section

National Risk Assessment for Ireland Tánaiste urges Israel ‘to show humanity’ and allow more aid into Gaza
Travel Stock - Geneva - Switzerland UN human rights body calls for repeal or amendment of Troubles legacy laws
Nearly 900,000 illegal medicines that 'can cause serious health issues' seized last year Nearly 900,000 illegal medicines that 'can cause serious health issues' seized last year
War_map
Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited