Thousands face abject poverty

WITH Ireland’s pension time bomb ticking loudly, there is urgent need for Government to introduce mandatory cover for tens of thousands of people who are staring at abject poverty in their twilight years.

Highlighted by the annual report of the National Pensions Board, the warning that half the workforce will lack pension cover in old age, has taken some of the shine off the Central Bank’s up-beat analysis of the economy which continues to outpace other European states.

Despite the bank’s positive outlook, the country is in the unenviable position, according to the OECD, of having the worst state pension in the Western world, amounting to barely 32% of the average industrial wage.