Retiring teachers to cost €212m this year

Teachers retiring at the end of February will walk away with average lump sum payments of €97,000, according to Department of Education figures.

The estimated 1,600 teachers who have applied for the deal will also receive annual pensions of €32,300.

The total pay-off bill for the first year will be close to €212m, with many of the teachers being rehired as the department struggles to fill resulting vacancies.