A Shannon-based former President Of Active Retirement Ireland feels the current pension rate will not be sustainable for older people going into the new year.
A 12 euro increase in the maximum weekly rate of all state pensions was announced in Budget 2023 and is due to come into effect from January 23rd.
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However Ireland’s rate of inflation reached its highest level in 38 years in October, when the Consumer Price Index showed the price of goods and services increased by 9.2% on average compared with October 2021.
Active Retirement Ireland MidWest Region Representative, Kay Murphy, believes the pension increase will be wiped out by the rising cost of living.
You can listen back to the full interview below.
