'This idea of retiring at 66 has to go': Taoiseach signals radical shake-up of pension system
Taoiseach Micheál Martin at a reception with the Irish community and Japanese partners in Tokyo, JapanTaoiseach Micheál Martin has signalled a radical shake-up of Ireland’s pension system.
“The world is changing; people are working longer in their lives,” the Taoiseach said, insisting the pension system should “reflect that” by offering incentives and better reflecting contributions and employment records. Japan, which has the world’s oldest population, offers one signpost to the future. More than 29 per cent of the Japanese population is aged 65 or older and a quarter of all elderly Japanese now opt to keep working. The effective age of retirement for men in Japan is now close to 70, says the OECD. Similar changes are occurring elsewhere. The World Bank forecasts a shortfall in retirement savings in major countries of about $400 trillion by 2050.
Mr Martin noted that the details of the new legislation and pension reforms would “have to be worked on”, but said “flexibility” was key. “There are a broad range of measures in the [pension] commission report that would ensure sustainability. There are different ways of meeting sustainability in Ireland.”
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