The Pensions Commission has launched a four-week public consultation process on the future of State pensions, aimed at putting the national pension system on a fiscally and socially sustainable basis for the future.
The cost of State pensions ballooned by 44% between 2011 and 2021 - soaring from €6.1 billion in 2011 to €8.8 billion allocated for 2021.
Pensions now account for 38% of the overall social welfare budget, compared to 29% ten years ago.
The Programme for Government contains a commitment to examine sustainability and other issues in respect of State pension arrangements, including the qualifying age for a pension, contribution rates, total contributions and eligibility requirements.
The Pensions Commission will also examine issues including retirement ages in employment contracts, "especially where they are below the State pension age".
In a bid to curb the rising cost, in 2014 the Fine Gael-Labour government raised the qualification age for the state pension from 65 to 66, with a further rise to 67 due in 2021, and another increase to 68 scheduled for 2028.
The rise in the retirement age left employees whose employment contracts forced them to retire at 65 facing a "gap year" where eligibility for the State pension was delayed until they were 66 - leaving them at a loss of around €12,000.
They were allowed to claim jobseekers' benefit of €203 per week - €45 per week less than their entitlements under the State pension - but were forced to sign on the live register and to be genuinely seeking work.
Many older people found this demeaning - and just yesterday, the Department of Social Protection announced that the requirement to seek work was being removed.
A successful campaign by trade unions and other groups to stall the planned rise to 67 which was due to take effect last month will cost the state €221m in 2021, and €453m in a full year.
The Pensions Commission is now inviting contributions from stakeholders including employees, the self-employed, the unemployed, retirees, carers and younger people, along with various representative groups.
The Chair of the Pensions Commission, Josephine Feehily, noted that reforms to State pension arrangements had the potential to affect almost everyone in Ireland.
"We want to hear people's views on the future of the Irish State pension system, including when it should be paid, the basis on which it should be paid, how it can be paid for and how to make sure that it is as fair as possible," Ms Fehily said.
"Because today's workers are paying for today's pensioners, we are particularly keen to hear from younger people, who may not know it but who are, and will be, funding State pension payments over the coming decades," she added.
Social Protection Minister Heather Humphreys described the State pension as the "bedrock" of the Irish pension system.
"Thankfully with improvements in life expectancy, Irish people can expect a long and healthy retirement. Careful consideration is required to ensure that sustainable State pensions can be funded into the future," the Minister said.
Contributors can either make a submission or complete an online survey, with a closing date of 9 March next.
Further details are available on the Pension Commission's website here.
