Public sector pension bill to triple in 50 years

THE cost of paying the public sector pension bill will more than triple in the next 50 years, according to a report from the Comptroller and Auditor General (C&AG).

The C&AG report revealed that the accumulated cost to the state to date of paying for public sector pensions was €108 billion at the end of last year. This equated to 0.5% of gross national product (GNP).

However, the report predicted, given various population pressures, the cost will more than triple to 1.8% of GNP by the year 2058.