Dáil Éireann Debate, Wednesday - 24 May 2023
139. Deputy Michael McNamara asked the Minister for Social Protection if she will outline her plans to bring the State pension (contributory) up to 34% of the average industrial wage index linked, as promised in 2018; and if she will make a statement on the matter. [25030/23]
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.
