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Analysis of Exchequer Pay and Pensions Bill 2005 - 2010

  • 06-08-2010 8:21pm
    #1
    Head The Wall
    Registered Users, Registered Users 2 Posts: 2,892 ✭✭✭


    It's good to see some proper data at last Analysis of Exchequer Pay and Pensions Bill 2005 - 2010

    Two main things I see are
    While serving numbers are estimated to further decrease from a 2009 outturn of 278,106 to 277,540 in 2010 pension numbers are estimated to increase from 95,122 to 103,413 over the same period

    The recruitment freeze seems to be doing very little re employment levels. I know a pension is roughly 50% of a wage but the figures seem to be showing no reduction in the levels even with nearly 10,000 retirements



    The pensions are the second point that raises alarm bells
    Overall, the pensions bill has increased from €1,350m in 2005 to €2,235m in 2010 representing a 65.6% increase over the period (pay in contrast rose by 10.8%) (Tables V and VI). The pensions bill has increased by 35% since 2008. This is mainly attributable to an increase in retirements in 2009 including those under the Incentivised Scheme for Early Retirement

    Pensioner numbers have increased from 72,024 in 2005 to 103,413 in 2010


Comments

  • #2
    Welease
    Registered Users, Registered Users 2 Posts: 3,834 ✭✭✭Welease


    I assume the second point is directly due to the pay as you go pension scheme in operation by the PS.. There is (essentially) no pension fund from which to draw upon from those retired, it's paid from current contributions and taxes, so the more that retire the more the government will have to pay out directly..

    To put this into perspective, in the UK there were 22 people working for every retired person in the early 1900's.. by 2024 there will be less than 3.. (source: TRIL).


  • #3
    liammur
    Closed Accounts Posts: 3,461 ✭✭✭liammur


    Public sector pensions need to be capped. Outrageous the likes of ahern, neary, molloy walking away with massive pensions.


  • #4
    The_Honeybadger
    Registered Users, Registered Users 2 Posts: 4,219 ✭✭✭The_Honeybadger


    This issue is not going to go away, and will become a major problem in years to come as our population ages if expert commentators are to be believed. In Canada, pensions are capped at the average industrial wage, anybody earning enough to have a pension accrueing to more than this under the current Irish system should have had plenty of money and opportunity to plan adequately for their retirement. Some will say this is unfair but the situation will have to be faced up to at some stage.


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