The Communications' Workers Union (CWU) has welcomed a Labour Court recommendation that pensionable pay and pensions at An Post should be increased.
Following twelve months of negotiations between the union and management, the Labour Court ruling will see pensionable pay and pensions increasing by a cumulative 10.23% over an 18-month period from 1 January 2022 to 1 July 2023.
Worker allowances are also to be restored to 100% pensionable and will no longer be subject to a cap.
The increases will impact the future pension benefits of 9,000 current An Post workers and 7,000 An Post pensioners.
Welcoming the Labour Court ruling, the CWU General Secretary Sean McDonagh acknowledged what he described as a pragmatic and constructive approach to the negotiations from An Post.
"It has been a key objective of the CWU, supported by our fellow unions FÓRSA and the AHCPS, to reduce the gap between actual and pensionable pay at An Post, and to deliver a meaningful increase for An Post pensioners," Mr McDonagh said.
"These developments are critical to protecting the pensions and living standards of An Post pensioners, and the future pensions entitlements for all An Post workers," he added.
An Post welcomed the Labour Court recommendation which it said related to the treatment of a €503.3m surplus on the company's superannuation scheme.
"We are delighted that we have been able to reach an agreement that provides a positive outcome for our employees and all members of the Pension Scheme and would like to thank and acknowledge the huge effort by the An Post Group of Union representatives and the Labour Court," said An Post CEO David McRedmond.