6,000+ Retired CIÉ Staff to Receive First Pension Increase in 18 Years

Over 6,000 retired staff from State-owned CIÉ bus and rail companies are set to receive their first pension increases in nearly 18 years, as indicated by Minister for Transport Darragh O’Brien. Ministers last week approved proposals to reform the CIÉ group's pension arrangements, a significant step towards providing increases of up to 5 percent for these retired personnel.

A formal 28-day observation period will now follow for the statutory instruments covering the proposed changes, authorized by O’Brien and Minister for Public Expenditure Jack Chambers. Approximately 6,400 retired staff from Dublin Bus, Irish Rail, Bus Éireann, and the CIÉ holding company will benefit from these reforms, which were negotiated with trade unions a year ago.

O’Brien stated the agreement marks a major milestone for the CIÉ pension scheme's long-term sustainability and will deliver long-overdue benefits. The process is expected to conclude in the coming weeks. The precise increase will vary, with those who retired on or before December 31, 2020, receiving 5 percent; 2021 retirees getting 4 percent; and 2022 retirees receiving 3 percent. A new pension protocol will also be established for future increases.

The CIÉ group, comprising Irish Rail, Dublin Bus, and Bus Éireann, will provide approximately €30 million to fund these increases. The Government will offer a «letter of support». This comes after years of campaigning by retired staff due to rising living costs. Previously, the CIÉ pension schemes faced a deficit of about €371 million, with estimated liabilities potentially reaching €4 billion in 10 years if unchanged, according to CIÉ CEO Stephen Kent.