It was initially benchmarked to 60% of the National Median Equivalised Income at the time.
The guaranteed national minimum level of pension was firstly introduced in 2016, for those born before 1962.
The measure not only targets new pensioners since 2016 but it also targets pensioners whose pension and cost of living bonus added together were, prior to 2016, lower than the established GNML.
It has since been adjusted by cost of living increases and additional pension increases awarded by government in subsequent budgets. It is envisaged that the GNML be periodically reviewed.
The measure guarantees that all pensioners eligible to the national minimum pension are topped up to the GNML.
The GNML provides that in 2021 the minimum social security retirement pension plus cost of living bonus paid for a person with a full contribution average, shall not be less than €166 weekly in the case of pensioners entitled to a married rate and €162 per week in the case of single pensioners or pensioners entitled to a single rate.
Other rates apply, depending on the contribution average and differentiate between single and married.
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