Pension age to increase 68

Delivering a ministerial statement in Parliament on the Revitalisation of the National Insurance Scheme this morning, Minister of Labour Colin Jordan announced several measures aimed at stabilising the social security system, including an increase in the pensionable age.

In 2028, the pensionable age will move from 67 to 67 1/2 years, and in 2034 to 68 years.

The number of contributions required for persons to be eligible for pension has also increased, from 500 weeks to 750 weeks.

Adjustments have also been made to when persons can first qualify for early pension, moving from the current age of 60 years, to 61 years in 2025, 62 years in 2028 and 63 years in 2031.

He said there will be no increase in contributory rates to the National Insurance Scheme and no change in the calculation of benefits for existing pensioners.

Government is also seeking to ensure more self-employed persons to contribute to the fund by making the system more flexible. ]]>