DUBLIN, Ireland: New rules will see Ireland allowing those over 66 years old a higher state pension if they continue working into later years.
Ministers agreed to the changes in pension regulations this week, as the public will be allowed to continue working until the age of 70 beginning in 2024, in return for a higher pension for each additional year they work.
Currently, those who retire at 66 years old receive state pensions of 253 euros per week. Under the new rules, those who continue to work until age 70 would receive 315 euros weekly.
Social insurance rates will be slowly increased to pay for the new pensions, the government said.
In 2014, Ireland increased the retirement age to 66 years old.
It has also been noted that by 2050 there will be two people working for each person over 65 years, compared with almost four currently.