Almost four in ten workers in Kilkenny would work longer for a higher pension

Almost four in ten workers in Kilkenny would choose to work longer for a higher State pension, new research from Lockton People Solutions Ireland has revealed.

The research looked at how workers are reacting to the overhaul of the State Pension system announced by the Irish government.

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A nationwide survey was undertaken, and when looking at feedback from Kilkenny workers alone, it was found that just over 35% of workers from the county said that the changes would only entice them to work longer if they had no other financial option, however, almost 37% said that access to a larger pension payout would in fact make working longer a more attractive proposition regardless of their financial situation.

While the State Pension age will remain the same at 66, the proposed changes will form the foundation of a more flexible pension age model.

Taking effect in January 2024, workers will have the option to continue in their roles until the age of 70 in return for a higher State Pension.

Those that do so will secure a State Pension of €315 per week, compared with the current rate of €265.30 per week.

“Employers can play a key role in facilitating and encouraging their workers to work beyond the current State pension age of 66 – and there is strong merit for them in doing so,” said Ray McKenna, Partner at Lockton People Solutions Ireland.