Under the 'flexible' scheme, workers can defer their pension up to the age of 70.

IRELAND: The age at which people receive the State pension is set to remain at 66 under plans set to be finalised by the Government in the autumn.

Workers will also be able to defer their pension until the age of 70 after a broad agreement was reached among the Government parties on the issue.

Those who work beyond the age of 66 will receive a higher pension rate when they opt to retire.

Based on the fact that they will have contributed more PRSI and receive their pension over a shorter period of time, this is true.

It is believed that the proposal was recently presented at a Cabinet subcommittee meeting by Minister for Social Protection Heather Humphreys.

In the plan, a "flexible pension age" was described, which would allow people to receive the State pension at age 66 while also allowing them to "build up" a greater payment if they continued working after this point.

Several other nations, including Estonia, already use this concept.

Although the proposal's exact features are still being worked out, the government has the impression that this work is going smoothly.

Over time, increased PRSI rates generally are likely to occur as a result of this policy consensus in government.

However, sources claim that it is not envisaged that rates would increase in the near future due to pressures on consumers from rising costs of living.