Retiring teachers to cost €200m
RETIRING teachers will cost the State more than €200m in the first year as nearly 8,000 public servants opt for early retirement.
The estimated 1,600 teachers are among 7,700 in a mass exodus across the public sector.
They've availed of a Government offer allowing them to retire with lump sums and pensions based on their wages before they were cut by the recession.
The teachers will walk away with average lump-sum payments of €97,000 and will also receive annual pensions of €32,300, according to Dept of Education figures.
The total pay-off bill for the first year will be close to €212m, with many of the teachers being rehired as the Department struggles to fill existing vacancies.
Public Expenditure Minister Brendan Howlin said there was no avoiding the huge numbers all leaving at such short notice because of contractual arrangements.
But he said managers had to manage.