People who work until 67 or older could receive higher State pension

People who work until they are 67 or older could be eligible for a higher rate of State Pension than those retiring at 66.

The new proposals by the government would financially reward people who retire later in life and pay them a higher weekly pension rate while keeping the State ­pension age at 66.

Senior government leaders met this week to discuss changes to the pension age, however, discussions are still in the early stages, Breakingnews. ie reported

Last week the Taoiseach vowed the State pension age would not go beyond 66, despite previous plans.

There are concerns that the new initiative could be seen as an attempt to raise the pension age via the ‘backdoor’.

The State pension age was due to rise to 67 in January last year before the plan was halted.

Under the proposals, the “benchmark” State pension would remain at 66, but people who work until they are 67 and older would be in line for a bigger pension.

Fianna Fáil Councillor Michael Sheehan said he would welcome workers having the choice to remain in the workforce for longer in return for a higher pension.

“I think anything that gives opportunities to pensioners to stay [in the workforce], for a host of reasons – be it their wealth of talent, or a lack of numbers or expertise – is certainly welcome.

“In the main, I would welcome it. I think it’s a great opportunity for people to remain in the workplace if they choose to do so. And if not, they can retire on a standard state pension.”

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