I am with AIB who would only give me a mortgage until age 65 - which is my workplace's retirement age. I will be rolling off a fixed rate soon and my repayments will jump significantly. However, I wonder if the below is grounds to ask for my mortgage term to be extended until the age of 66 (or whatever the state pension age rises to). This would reduce my monthly repayments and lessen the impact of the increase in interest rates...
Minister for Enterprise Simon Coveney has received approval from the Cabinet for legislation which will allow workers to stay in their job until they reach the State Pension age, currently at 66.
The General Scheme of the Employment (Restriction of Certain Mandatory Retirement Ages) Bill 2023 strikes out any mandatory retirement age which is below the State Pension age.
It will mean that if an employee provides written notice to their employer that they do not consent to the mandatory retirement age, the employer must not retire them before they qualify for the State Pension.
The legislation will now be referred to the Oireachtas Joint Committee on Enterprise, Trade and Employment for pre-legislative scrutiny which is likely to begin after Easter.
Mr Coveney told Cabinet colleagues that the change would "allow" but not "compel" workers to stay in employment until they reach the State Pension age.
The change was recommended by the Pensions Commission.
Officials from the Department of Enterprise met IBEC, ICTU and SIPTU to advise them on the overall policy approach.
The Irish Congress of Trade Unions (ICTU) welcomed the move to restrict the use of mandatory retirement ages by employers.
"The Irish Congress of Trade Unions has long argued there is a sizeable and growing number of workers who are forced to retire earlier than they would wish because of the age of retirement in their employment contract, typically 65," said Owen Reidy, ICTU General Secretary.
"This reform recognises differences between what workers want and the type of work they do in giving them more choice about the age at which they retire," Mr Reidy said.
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Cabinet approves new legislation to allow workers stay in job until 66
Minister for Enterprise Simon Coveney has received approval from the Cabinet for legislation which will allow workers to stay in their job until they reach the State Pension age, currently at 66.
The General Scheme of the Employment (Restriction of Certain Mandatory Retirement Ages) Bill 2023 strikes out any mandatory retirement age which is below the State Pension age.
It will mean that if an employee provides written notice to their employer that they do not consent to the mandatory retirement age, the employer must not retire them before they qualify for the State Pension.
The legislation will now be referred to the Oireachtas Joint Committee on Enterprise, Trade and Employment for pre-legislative scrutiny which is likely to begin after Easter.
Mr Coveney told Cabinet colleagues that the change would "allow" but not "compel" workers to stay in employment until they reach the State Pension age.
The change was recommended by the Pensions Commission.
Officials from the Department of Enterprise met IBEC, ICTU and SIPTU to advise them on the overall policy approach.
The Irish Congress of Trade Unions (ICTU) welcomed the move to restrict the use of mandatory retirement ages by employers.
"The Irish Congress of Trade Unions has long argued there is a sizeable and growing number of workers who are forced to retire earlier than they would wish because of the age of retirement in their employment contract, typically 65," said Owen Reidy, ICTU General Secretary.
"This reform recognises differences between what workers want and the type of work they do in giving them more choice about the age at which they retire," Mr Reidy said.
New legislation to allow workers stay in job until 66
Minister for Enterprise Simon Coveney has received approval from the Cabinet for legislation which will allow workers to stay in their job until they reach the State Pension age, currently at 66.