A RETIRED business consultant and author of an everyman’s guide to pensions, who has literally walked the length of the world, has said the government’s ‘giveaway’ Budget last week will ultimately afford pensioners a cup of coffee.
Vinod Bajaj, a native of India and living in Castletroy for nearly four decades, wrote Pension Without Tension, which he hopes will empower readers to develop successful retirement plans to avoid poverty in old age.
He achieved national recognition last year when he completed a gruelling exercise regime that saw him walk the equivalent of the Earth’s circumference, 40,075 kilometres, over a four-year period that started in August 2016.
He had hoped to have his achievement recorded in the Guinness Book of Records, but missed out on a technicality.
The Castletroy resident retired at the age of 60 with a seven-figure personal pension fund that was built in a short span of 18 years by taking advantage of tax opportunities.
Reacting to announcements in Budget 2025, he says the amount that needed to be added to the State pension to make any difference to people is the equivalent of €40 per week.
Vinod has worked with several US multinationals across his career, as well as being an independent business consultant.
Reacting to Budget 2025, he told the Limerick Post that “the government tried to keep everybody happy and with the surplus of money they could have made some real changes”.
“Personally, they are giving me an extra €12. But that will be gone through the extras I will have to pay including the electric grid improvement and an increase in the carbon tax.
“The State needs to be more transparent with how it will pay out the pension in the coming years.”
He said that a plan to reform pensions published in 2019 said that the contributing State pension will be at 34 per cent of the average industrial wage and all future increases will be linked to this.
Mr Bajaj said he was hoping to see an increase from €277 to €330 for the weekly contribution pension, to bring it that 34 per cent of the national average wage.
“The government promised to do it but nothing has been done,” he hit out. “Many pensioners do not know about this plan. The government has forgotten, but I have not. The government needs to put this right.”
He added that with increases including and a tax take, “I will have €3 to buy a coffee. Is that how you want to treat the pensioners?”
