Retirees claiming dole missing out on €2,340 a year
Published 13/08/2016 | 02:30
Workers forced to retire at 65 - a year before they can claim the State Pension - are losing out on €2,340 a year.
A government report has revealed that those who have to retire at 65 miss out on this sum as they have to rely on Jobseekers' Benefit instead of the State Pension, which is paid at a lower rate.
The State Pension is only paid out to those aged 66 and above.
The report points out that the rate of Jobseekers' Benefit is currently €188 a week, some €45 per week, or €2,340 per year, less than the contributory State Pension.
Those whose employment contracts oblige them to retire at 65 can also no longer claim the State Pension transition payment, which was abolished.
Launching the report, Public Expenditure Minister Paschal Donohoe noted very few private sector firms have adjusted their retirement date to align with the new State Pension age of 66: "Without adequate action, the source of income for those retiring or compelled to retire before the prevailing State Pension age will become a bigger issue over time," it says.