Increase in State pension age to 67 should be delayed by seven years, report to recommend


Have you got any coherent point to make, or is this merely a tedious, long-winded, poorly written anti-government whine?
 
Currently there are no plans by the Govt to increase the State Pensions age beyond 66, as it has been immensely unpopular with voters.

Instead, we have seen tinkering along the edges, such as:
1. ability to defer State Pension up to 70 but DO NOT - the break even age is now 89

Deferring your State Pension (Contributory) - break even point is age 88

Age when you start to claim Maximum rate per year diff v 66 Age 66 €277.30 €14,469.51 €0.00 Age 67 €290.30 €15,147.85 €678.34 Age 68 €304.80 €15,904.46 €1,434.95 Age 69 €320.30 €16,713.25 €2,243.74 Age 70 €337.20 €17,595.10 €3,125.58 Age 66 67 68 69 70...
www.askaboutmoney.com

2. PRSI is being increased annually
-0.1% October 2024 (to 4.1%);
-0.1% October 2025 (to 4.2%);
-0.15% October 2026 (to 4.35%);
-0.15% October 2027 (to 4.5%);
-0.2% October 2028 (to 4.7%);
 
TheJackal said:
2. PRSI is being increased annually
-0.1% October 2024 (to 4.1%);
-0.1% October 2025 (to 4.2%);
-0.15% October 2026 (to 4.35%);
-0.15% October 2027 (to 4.5%);
-0.2% October 2028 (to 4.7%);
Click to expand...

The figures in parenthesis show the employee contribution. Bear in mind that the unfortunate employer has to pay the same percentage increases!
 
Increasing the figures as stated above is going to make very little differance we need to increase PRSI rates to within 2.4 % of the combined employer/employee contribution for everyone not entitled to unemployment Benefit,

We are increasing PRSI on payroll Employee/employer by 1% by 2028 in the above chart,
I know well we are not going to have a fair PRSI System In Ireland which means we must understand long term other taxes will be needed to fund the shortfall and accept this and not be winging about the outcome of our actions in relation to the PRSI Fund,

By 2028 the gap between PAYE Payroll PRSI and other PRSI Payers Will Have growing By another .5% making it a lot harder to increase pension age,
 
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