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06/09/2011
€713k Retirement Deal For Top Civil Servant
Former top civil servant, Dermot McCarthy has received over €700k in a retirement and pension deal.
Stepping down in July after 11 years Mr McCarthy has received the golden handshake as he retires his duties of secretary general, receiving an overall package of €713k
McCarthy received an annual pension of €142,670 this year in addition to another severance payment of the same amount. And, he also received a one-off sum of €428,011.
Details of Mr McCarthy's package were released to RTÉ under the Freedom of Information Act.
Mr McCarthy was secretary general to three taoisigh in Bertie Ahern, Brian Cowen and Enda Kenny and was entitled to attend all Cabinet meetings. During his tenure of more than a decade, Mr McCarthy was most associated with the social partnership process.
A surge of anger has followed the release of Mr McCarthy’s exceptional retirement payout.
Sinn Féin Deputy Mary Lou McDonald has described the final lump sum payment and pension of Mr McCarthy as completely "inappropriate and scandalously high."
It should be noted that all civil servants are entitled to a "lump sum" payment of 1.5 times their salary upon retirement, while only the top earners are taxed on this package.
Meanwhile the Tánaiste Eamon Gilmore has said he understands the anger of people at the severance package paid to the former Secretary to the Government. However, Mr Gilmore said the package cannot be taken back, but individuals can voluntarily surrender any portion of their package.
Taoiseach Enda Kenny said they were "caught with" the particular deal that applied to Mr McCarthy.
The Department of Public Expenditure and Reform has said that deals like that of Mr McCarthy will become a thing of the past.
In a statement, the Government said while it is not possible to change existing arrangements, the Programme for Government commits to capping taxpayer subsidies for all future pension schemes at €60,000 per annum.
It goes on to say that the reforms are complex but are being advanced and will be ready by the December Budget.
(LB/BMcC)
Stepping down in July after 11 years Mr McCarthy has received the golden handshake as he retires his duties of secretary general, receiving an overall package of €713k
McCarthy received an annual pension of €142,670 this year in addition to another severance payment of the same amount. And, he also received a one-off sum of €428,011.
Details of Mr McCarthy's package were released to RTÉ under the Freedom of Information Act.
Mr McCarthy was secretary general to three taoisigh in Bertie Ahern, Brian Cowen and Enda Kenny and was entitled to attend all Cabinet meetings. During his tenure of more than a decade, Mr McCarthy was most associated with the social partnership process.
A surge of anger has followed the release of Mr McCarthy’s exceptional retirement payout.
Sinn Féin Deputy Mary Lou McDonald has described the final lump sum payment and pension of Mr McCarthy as completely "inappropriate and scandalously high."
It should be noted that all civil servants are entitled to a "lump sum" payment of 1.5 times their salary upon retirement, while only the top earners are taxed on this package.
Meanwhile the Tánaiste Eamon Gilmore has said he understands the anger of people at the severance package paid to the former Secretary to the Government. However, Mr Gilmore said the package cannot be taken back, but individuals can voluntarily surrender any portion of their package.
Taoiseach Enda Kenny said they were "caught with" the particular deal that applied to Mr McCarthy.
The Department of Public Expenditure and Reform has said that deals like that of Mr McCarthy will become a thing of the past.
In a statement, the Government said while it is not possible to change existing arrangements, the Programme for Government commits to capping taxpayer subsidies for all future pension schemes at €60,000 per annum.
It goes on to say that the reforms are complex but are being advanced and will be ready by the December Budget.
(LB/BMcC)
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