Ireland. Public service pension liability now stands at €114.5bn
The State’s bill for its 298,000 serving public servants, and a further 155,000 who have already retired, now stands at €114.5 billion.
The figure, contained in the Department of Public Expenditure’s latest actuarial review of its pension liability in respect of public service workers, represents the value at the end of 2015 of all expected future payments to current and former staff.
The figure has jumped 17 per cent from €98 billion in just three years since the last actuarial study for the department. The rise is down to additional benefits that have accrued in the intervening time and the partial reversal of public sector pay cuts imposed during the financial crisis.
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