ALONE Endorses Plan To Tie State Pension To Rate Of Inflation

ALONE, the charity that supports older people to age at home, is endorsing the Minister for Social Protection’s plan to tie the state pension to the rate of inflation. The state pension could be tied to the rate of inflation and the cost of living if Social Protection Minister Leo Varadkar pushes through plans for a universal retirement saving scheme.

 

ALONE have been campaigning for many years for the government to implement the triple lock pension model. The triple lock model of pension increases would mean that once a year the state pension is raised in accordance with either the higher of the growth in average earnings, the Consumer Price Index (CPI), or by 2.5%. A commitment to this Triple Lock Model would end the yearly calls for pension increases and give older people fair financial independence.

 

Sean Moynihan, CEO of ALONE said of the submission, “We support the Minister’s review of the pension system. The majority of older people who come to us for assistance are heavily reliant on welfare to survive and they live in constant fear of any future cuts that may be made. We believe that tying the state pension to inflation would allow older people to maintain their independence, reducing strain on hospital and nursing homes.”

 

He continued, “Every year there is an extra 20,000 older people in Ireland, and this figure is expected to continue growing exponentially. We urgently need to look at how we can enable a greater number of older people to age in our communities and be financially independent.  The current Non Contributory state pension is just above the poverty line leaving no margin for any additional or unexpected bills – there is a real need for the government to review this to ensure the most vulnerable are protected.”

 

The charity has seen a dramatic rise in demand for their services of the last number of years, with older people increasingly turning to them for help in relation to housing, financial worries, isolation and loneliness.  With the number of people over the age of 65 set to double in the next 25 years, ALONE believes that it is of paramount importance that the current government puts in place precedence for the rights of older people.

 

ALONE can be contacted on (01) 679 1032 for those who have concerns about their own well being or the wellbeing of a vulnerable older person in the community or visit www.alone.ie.