Benefits And Benefits Of Retirement Benefits

1496 Words Mar 27th, 2016 6 Pages
When employees attain a certain predetermined age, they are required to retire and make room for a more youthful and energetic workforce. This age varies from one country to another and even differs within a country depending on one’s job description. It is prudent for employees to have a comprehensive financial plan upon retirement. This is because leaving employment interferes with retiree’s financial organization leaving them vulnerable to poverty in the old age. As a result of this, different countries have pension plans aimed at guaranteeing the financial security of employees once they retire. Ireland’s pension system has witnessed tremendous changes over the years. In fact, it is projected that the retirement age in Ireland will rise from the current 66 years to 67 years in 2021. Further projections indicate that the Irish pension plan will further extend the retirement age to 68 years by 2028. Retirement Benefits is an essential topic mainly because it impacts every worker’s life upon the attainment of the eligible age. Whereas there are numerous types of employee benefits, pension schemes remain the most essential form of employee benefits (Armstrong, 2006). As a result of this, the choice of the subject was influenced by the need to understand a critical phase of every Irish citizen and resident. This paper reviews five current articles dealing with the topic of retirement benefits in Ireland. The paper demonstrates that the Irish pension system has changed…
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