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THE STATE’S ACCRUED liability for 298,000 serving public servants, and 155,000 who have already retired, currently stands are €114.5 billion.
The figure, released in the Department of Public Expenditure’s latest actuarial review of its pension liabilities in respect of public service workers, represents the current value of all future payments to both former and current staff.
The €114.5 billion figure was calculated under the assumption that future pension increases will continue to be in line with pay rates, as had been the case historically.
Despite the large figure, Minister for Finance and Public Expenditure Paschal Donohoe said the accrued liability will have to be paid over the next 70 years – and not in any single year.
“It is also important to stress that we have taken a number of significant steps to improve the long-term sustainability of public service pensions in recent times,” Donohoe said.
He noted that the single public service pension scheme introduced in 2013 will, in time, reduce liabilities by around 35% from what would otherwise have been the case.
“Under the Public Service Pay and Pensions Bill (Act) 2017 we are making provision for the introduction of an Additional Superannuation Contribution by public servants,” Donohoe said.
“This will increase current employee pension contributions from over €700 million per annum to €1.25 billion in 2019, thus providing substantial additional ongoing funding support towards the cost of public service pensions from those that benefit from such pensions.”
The cost of public service occupational pensions is expected to increase from 1.2% of GDP in 2016 to 1.5% of GDP by 2040.
However, the cost is expected to reduce thereafter with a cost of 0.9% of GDP expected by 2060.
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Since when are big bag of cans with the lads classed as groceries?
@I Crow: They’re more than groceries , they’re staples!!!
I’m basically 95% Bulmers and 5% Iceberger these days.
That’s hilarious. Heatwave- buy extra groceries, clothes, furniture, toys…. Poor weather conditions- buy extra groceries, clothes, toys. Buy buy buy!
Where do kantar get these figures ? How accurate are they. Dunnes, lild and Aldi are private companies and don’t give out this information.
@Martin Sinnott: from the named research firm in the article. You are very suspicious. Hope you haven’t had a bad experience in the past making you not trust people.
@Martin Sinnott: private companies supply data all the time for many reasons , they want to know how they are performing in market share ? They want to compare how their competitors are performing , research is conducted all the time for all kinds of data , mobile companies want to know their market share , car companies the list is endless , being private companies doesn’t mean they won’t share performance information , most industries have some credible source , in this case kantar are the reputable research company and as they monitor the data ongoing basis you can sure it is pretty accurate actually
@Dave Hammond: Lidl/Aldi are on top now with 23.1% and they are the best.
@Martin Sinnott: They give a sample audience scanners and pay them to record their weekly shopping (you can apply for those positions), that data is used for the trends and market share projections.
Only part of the data is made public, the specifics are sold back to the supermarkets.
The price of a bottle of sunscreen is just amazing €10 to €15 on average!
Previously for at home in Ireland one bottle of factor 15 would still have a good bit left in it for at least 2 or 3 years…
@Dotty Dunleary: try Aldi’s sunscreen
@Dotty Dunleary: I wonder what street it is you’re buying your sunscreen on, because it’s not the same street as I’m buying my sunscreen on. Down to Lildi with ya.
@Dotty Dunleary: I paid €30 for a bottle in the Dominican Republic last year, €10-15 is cheap in comparison!
@DaisyMay: If I wanted to end up like a lobster attracting flies I will! :-D
@Sam Harms: Big windows in that shop for tourists I’d say!
I thought the country was broke?
@The Bull McCabe: your about 7 years behind , nearly a full employment now.
SuperValu dying a slow death. No value= lower sales. They been slipping constantly on this market research but done nothing about it?
@Artur Gurta: not what i read recently. Ill try and find the article for you
How can four million people spend twenty seven pounds on groceries
@Peter Murphy: bags of ice probably account for 12 million
They normally wait outside the doors of these supermarkets to ask buyers for their receipts for to do the market research.
How can Supervalue sales only go up 0.1% and all others roughly 2.5 %?
@Kevin Cashin: because they’re expensive and they’re products have gone downhill
@Me_a_monkey: *their
No thanks to the propaganda spread by some media outlets.
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