Saturday November 28, 2020

Time to plan for your near future

Changes in pension law have meant that employers will need to be up to speed on the implications for their workers, writes Anna Broderick.

25th May, 2013
Many employees will now face a gap between the age at which they are expected to retire from work and the age at which they will receive a state pension. Photo: Getty

The Organisation for Economic Co-operation and Development (OECD) recent review of the Irish pension system recommended that Ireland should make "its pension system simpler and fairer so that everyone gets sufficient income for a decent standard of living on retirement".

The qualifying age for a state pension will increase from 65 to 66 from January 1, 2014. This will increase to 67 in 2021, and to 68 in 2028.

For many employers in Ireland, the normal contractual retirement age for employees is 65....

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