Lower pay, lower pensions: Analysing pension policy
Date published:
Tuesday, July 12, 2011News source:
CARDI - Paul McGill Region:
Republic of Ireland Featured item on home page:
no
Pensioners in the Republic of Ireland and United Kingdom (including Northern Ireland) receive some of the lowest pensions in developed countries compared with incomes received while at work. CARDI's Strategic Research Officer, Paul McGill, reports on "Analysing Pension Policy", an ESRI seminar held in May 2011:
Edward Whitehouse, OECD pensions expert, said that the replacement rate for average earners in the two countries were in the bottom four out of 34 OECD countries. In the case of low earners the amount of pensions they received compared with earnings placed the two countries in the bottom seven in the rankings.
He said that Ireland’s spending on old-age benefits as a proportion of GDP was well below the OECD average and, despite doubling over the next 50 years, would remain lower than other countries. In part this was because Ireland would continue to have a relatively small number of older people compared with the population of working age.
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