Brendan Keenan: One foot in a grave future as retirement costs spiral
A ticking pensions time bomb awaits governments of tomorrow as the population ages
Published 09/10/2011 | 05:00
HATS off to the "frontline" workers up North, who staged strikes last week in protest over cuts to public services. This seemed a most unselfish response on the part of nurses, teachers and so on, considering what has just been done to their pensions.
They could be forgiven for confining their efforts to looking after their own interests. Or perhaps only the maths teachers fully understood what has been done to their pensions.
Future increases will be linked to the lower of the two rates of inflation published by the national statistics office -- the EU harmonised one which does not take account of mortgages and some housing costs -- rather than the higher, more comprehensive one.