Dáil Éireann Debate, Tuesday - 9 May 2023
413. Deputy Willie O'Dea asked the Minister for Social Protection if it is still the Government's intention that the State pension will be equal to 34% of gross average industrial earnings; if he is aware that the present rate of the State pension falls considerably short of that commitment; when this objective will be attained; and if she will make a statement on the matter. [21638/23]
View answerAs part of the Roadmap for Social Inclusion 2020-2025, Government committed to finalising an approach for the benchmarking and indexation of pension payments.
A smoothed earnings method to calculating a benchmarked/indexed rate of State Pension payments was also recommended by the Commission on Pensions.
Last September, I announced a series of landmark reforms to the State Pension system. The measures are in response to the recommendations from the Commission on Pensions and represent the biggest ever structural reform of the Irish State Pension system.
As part of this, a smoothed earnings method to calculating a benchmarked/indexed rate of State Pension payments will be introduced as an input to the annual budget process and will be submitted to Government in September each year, commencing this year.
I trust this clarifies the matter for the Deputy.
