{"id":23415,"date":"2021-10-07T16:23:00","date_gmt":"2021-10-07T20:23:00","guid":{"rendered":"http:\/\/irishexaminerusa.com\/wp\/?p=23415"},"modified":"2021-10-09T11:26:11","modified_gmt":"2021-10-09T15:26:11","slug":"government-releases-detail-of-plan-to-raise-pension-age-to-68","status":"publish","type":"post","link":"https:\/\/irishexaminerusa.com\/wp\/?p=23415","title":{"rendered":"Government Releases Detail Of Plan To Raise Pension Age To 68"},"content":{"rendered":"\n
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The report recommends increasing the state pension age from 2028 by three months every year until reaching 67 in 2031 (PA<\/em>)<\/figcaption><\/figure>\n\n\n\n

The Government has published a report which proposes raising the state pension age to 68 by 2039.<\/p>\n\n\n\n

The Report of the Commission on Pensions develops options for ministers to consider in order to address the sustainability of the state pension system and the Social Insurance Fund (SIF).<\/p>\n\n\n\n

Minister for Social Protection Heather Humphreys submitted the report to the cabinet on Thursday.<\/p>\n\n\n\n

It will now be sent to the Joint Oireachtas Committee on Social Protection to seek its views on the recommendations.<\/p>\n\n\n\n

The report recommends increasing the state pension age from 2028 by three months every year until reaching 67 in 2031.<\/p>\n\n\n\n

It would increase again by three months every two years from 2033 onwards.<\/p>\n\n\n\n

This would see the pension age set at 68 years from 2039.<\/p>\n\n\n\n

Ms Humphreys said: \u201cThe state pension is valued by all of society and it is the bedrock of the pension system in Ireland.\u00a0It is extremely effective at preventing pensioners from falling into poverty and we want to make sure that this stays the case into the future.<\/p>\n\n\n\n

\u201cThere are clear challenges in ensuring the sustainability of the state pension for future generations. This has been known for years and confirmed in the Report of the Commission on Pensions.\u201d<\/p>\n\n\n\n

Ms Humphreys said: \u201cI would like to thank the chair, Josephine Feehily, and all of the commission members for producing a report that sets out evidence-based options and recommendations for the government to consider.<\/p>\n\n\n\n

\u201cThis Government will now carefully consider the report\u2019s recommendations and findings.\u201d<\/p>\n\n\n\n

Chair of the Pensions Commission Ms Feehily said: \u201cIrish people are living longer and staying well and healthy for longer which is really good news.<\/p>\n\n\n\n

\u201cIt presents great opportunities but also a big challenge for all of us: how to make sure that the state pension continues to prevent poverty when there are many more people drawing it for many more years.<\/p>\n\n\n\n

\u201cThe commission considers that it would be a strategic risk not to plan and provide for this known issue.<\/p>\n\n\n\n

\u201cThe commission has made several recommendations in this report to shore up the fiscal sustainability of the state pension system based on the values of social solidarity.\u201d<\/p>\n

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