Donohoe said: “The public service undoubtedly plays a significant role to the overall well-being of the country.
“Pension benefits are an important part of the remuneration of public servants and the overall process of the recruitment and retention of staff.
“It is imperative that we have a clear picture of the value of these benefits and that is provided by this report which covers the future entitlements of employees across vital areas such the Health and Education sectors, An Garda Síochána, Civil Service, Defence Forces, Local Authorities and Non-Commercial State Sponsored Bodies.
“While the overall figure is undoubtedly large, it is important to bear in mind that the accrued liability will be paid over the next 70 years or so.
“It is also important to highlight that a number of significant steps have been taken to improve the long-term sustainability of public service pensions, including the Single Public Service Pension Scheme introduced for new entrants from 2013, which will in time, reduce liabilities by around 25% from what would otherwise have been the case.
“Current public sector employees make a significant contribution to funding the overall cost of benefits provided amounting to €1.7 billion in 2022, including the Additional Superannuation Contribution by public servants introduced under the Public Service Pay and Pensions Act 2017.
“This figure is up from €1bn per annum prior to the introduction of the Act. This provides substantial additional ongoing funding support towards the cost of public service pensions from those that benefit from such pensions.
“Importantly, it is worth noting that benefit terms for public service employees have not been improved over the period.
“In addition, there has been an increase in the compulsory retirement age from 65 to 70 for public servants recruited before 1st April 2004.
“This will also assist in reducing the time period over which pension payments will be paid to those public service employees who opt to remain in work longer.”