Tuesday, 9 July 2019

Questions (764)

Thomas P. Broughan


764. Deputy Thomas P. Broughan asked the Minister for Employment Affairs and Social Protection the estimated cost of awarding full State pension entitlements to each cohort of citizens when they reach 65 years of age; and if she will make a statement on the matter. [29317/19]

View answer

Written answers (Question to Employment)

In 2019, it is estimated that this Department will spend over €8 billion on pension payments. The cost includes payments to over 650,000 pensioners and qualified adults who are aged 66 and over as well as pensions paid to those who are under 66 years of age (such as widows and qualified adults under the age of 66).

According to the CSO’s Population and Labour Force Projections for 2018, and taking account of various assumptions, the number of people aged 65 and over resident in Ireland is estimated to range between 664,634 and 666,680. The cost of providing a pension payment of €248.30 for all people aged 65 and over would then range between €8.5 billion and €8.65 billion.

It should be noted that this does not include the cost of increasing pension payments to pensioners living abroad who are entitled to a contributory pension and those under 66 who currently receive a pensions payment.

I hope this clarifies the matter for the Deputy.