Irish Public Sector Pensions’ bill jumped €743m to €1.8bn in 5 years to 2008 - up 66.5% compared with pay rise of 45.4%
Nov 7th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Irish Public Sector Pensions have been termed among the best in the world and the beneficiaries include the politicians who are responsible for the system. It's called feathering your own nest. Pensions now account for 9.8% of the total Pay and Pension Paybill, up from 8.7% in 2003. Overall, the pensions bill has increased from €1.1bn in 2003 to €1.8bn in 2008 representing a 66.6% increase over the period while pay in contrast rose by 45.4%. The pensions bill has increased from €876m in 2001.