PENSIONERS in Limerick said that the State pension is not enough and prohibits them from participating in life as much as they would like.
The claims were made in a survey carried out by Active Retirement Ireland, which found the Government increase of €12 a week to the pension in last year’s Budget didn’t do enough to take the pressure off.
In the nationwide survey, 58 per cent of those who took part said that the State pension is not enough to allow them to participate in life they way they would want to.
29 per cent of the 437 people surveyed said that even with the additional €12 per week, they still can’t afford a basic standard of living.
The survey was carried out in March and April of this year, and Active Retirement Ireland have called on the Government to benchmark the State pension at 34 per cent of average earnings.
CEO of Active Retirement Ireland, Maureen Kavanagh, said: “Budget 2024 is an opportunity for the Government to end pension poverty and deliver their promise of an adequate pension linked to inflation and wage growth.”
“Small, ad-hoc amount increases added to the State pension here and there on Budget Day must stop once and for all. The State pension is losing buying power every year and currently sits at just 28 per cent of average earnings. The Government themselves have said the minimum pension rate for basic pension adequacy is 34 per cent of average earnings,” she said.
“Pension adequacy and income security should not be too much for older people to expect — these are the people who have worked all their lives and given of themselves to help build the strong economy we have today, and they are the generations who paid the highest taxes and the highest interest rates.”
The Pension Promise Campaign launched last month, urging the Government to honour its promise to increase the State pension to 34 per cent of average earnings.
“Active Retirement Ireland has long advocated for this and we have again made this recommendation to Government in our pre-Budget submission this year. Pension adequacy is long overdue and it makes sense, socially and economically,” Ms Kavanagh said.
“Not only will pension adequacy restore dignity, security, and quality of life to older people, but money in pensioners’ pockets is returned through spending in the local economy — older people’s spending is worth €13million in Ireland,” she concluded.
