Pension Increases Confirmed

Approximately 7,000 retired An Post employees will receive pension increases as part of a recent agreement. Pensions will increase by 7% in ⁢2024, with further increases of 6% effective ⁢January 1, 2025, and ‍an additional⁢ 1% on June 1, 2025.

While these increases are‍ ample, it’s⁤ significant to note that the An Post Pension Accord’s 2% cap on annual pension increases will be reinstated starting January 1, 2026.

Eliminating the Pensionable Pay Gap

A key outcome of the⁢ agreement, following an actuarial review of the⁤ An Post Pension Scheme covering the period up to December 31, 2024, is the elimination of the gap ⁤between⁤ pensionable and⁤ non-pensionable pay. this means that the full value of ‍pay increases secured over the last three and a half years will now be factored into pension calculations⁢ for⁢ An Post workers.

Historically, this gap⁢ was a significant point of contention during pay ⁤negotiations. Recent negotiations secured a total of 8% in pay increases between January 1,2024,and December 31,2025; however,pension increases⁣ were previously limited to 2% annually under the existing Pension Accord.

The resolution ensures that An Post employees⁤ benefit fully from their earnings, both during their working lives and in retirement.