Details of Bailout programme measures: fiscal, structural reforms and bank measures

Fiscal Measures in the Programme 

Taxation 

Lowering of personal income tax bands and credits or equivalent measures 

A reduction in pension tax relief and pension related deductions 

A reduction in general tax expenditures 

Excise and other tax increases 

A reduction in private pension tax reliefs 

A reduction in general tax expenditures 

Site Valuation Tax to fund local services 

A reform of capital gains tax and acquisitions tax 

An increase in the carbon tax 

Programme Expenditure 

Savings in Social Protection expenditure through enhanced control measures, structural 

reform measures, a fall in the live register and if necessary, further rate reductions. 

Increase the state pension age to 66 years in 2014, 67 in 2021 and 68 in 2028. 

Public Service Costs 

Reduction of public service costs through a reduction in numbers and reform of work 

practices as agreed in the Croke Park Agreement. 

A reduction of existing public service pensions on a progressive basis averaging over 4% will 

be introduced. 

New public service entrants will also see a 10% pay reduction. 

- Reform of Pension entitlements for new entrants to the public service 

including a review of accelerated retirement for certain categories of public servants and an 

indexation of pensions to consumer prices.

Pensions will be based on career average earnings. 

New entrants' retirement age will also be linked to the state pension retirement age.