Major boost for thousands of retired workers amid new approval for ...

THOUSANDS of Irish pensioners are in for a boost after pension increases were confirmed for two retired workers of two major companies.

Retired workers at both Eir and An Post will receive the increase as part of separate pay deals agreed with the Communications Workers' Union in April.

Retired workers at An Post will now see an increase in pensionable pay of 2 per cent from January 1, 2024.

And retired workers at Eir will see an increase of 2.5 percent effective from July 1, 2024.

An Post has confirmed arrangements to increase pensions and pay arrears from November 22, 2024.

Increases were secured following the agreement negotiations on pay and pensionable pay by the CWU with both An Post and Eir, that concluded in April of this year.

The pension increase at both An Post and Eir required the approval of the Minister for Communications and the Minister for Public Expenditure and Reform.

Welcoming this approval CWU General Secretary, Sean McDonagh said: "The approval by Ministers of pension increases has been a source of delay and significant frustration for the Union, and hardship for our retired members.

"However, there should be no delays in paying agreed pension increases. Following representations made by the CWU to Ministers, approval of pensions increases under the current agreements has been expedited.

"We are pressing both companies and our Trustees to ensure all increases and arrears are now paid to pensioners without delay.

“In our negotiations with An Post and Eir, we have sought to narrow the gap between the levels of increases in pay and pensionable pay for current and retired workers.

"Both pension schemes are properly funded and have been showing strong performance. An actuarial review of the pension scheme at An Post will take place during 2025."

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And the General Secretary revealed further plans for next year.

He detailed: "We will be seeking to secure additional increases to pensionable pay for workers and to have these applied to pensioners at both An Post and Eir in 2025.”

The increases to pensions will impact thousands of workers across both companies.

Approximately 11,000 retired Eir staff and 7,000 from An Post will benefit.

Separately thousands will benefit from a four major social welfare payments due to be paid out this week.

The first double Child Benefit payment of €280, as announced in Budget 2025, will hit parents' pockets tomorrow Tuesday, November 5, 2024.

The second €280 sum will be paid out in early December.

And in order to help those struggling to heat their homes in the winter months, a €300 lump sum on top of the ordinary Fuel Allowance payment rates will be issued this week.

The €400 Disability Support Grant lump sum will also hit pockets across the country this week from November 6 to November 8.

This is a once-off payment that will be issued to those who receive the Invalidity Pension, Disability Allowance and the Blind Pension.

Lastly, a whopping €400 will be paid out to 46,000 people receipt of the Working Family Payment on Thursday.