Not a bad deal, one might put forward, in exchange for a few years of sitting pretty in the Dáil while in power and doing little else than shout at others during opposition stints.
Former Labour leader Pat Rabbite has confirmed that he will not be presenting himself as a candidate at the next election. Instead, he will enjoy his newly found wealth doing “other projects”.
Mr. Rabbite must now be frothing at the mouth at the prospect of receving the highest possible termination payments for the first year after he leaves the Dáil. For the first six months, he will be entitled to the very tidy monthly payment of 75pc of his salary, and 50pc for the six months after that.
These termination payments will amount to €54,528 in the first year. As a matter of course, he will also be given a TD’s pension lump sum of €130,887.
In his twilight years, Mr Rabbitte’s yearly TD pension will be €43,629, and his ministerial pension will be in the region of €25,000 to €30,000 per year.
This compares rather starkly to Mr. Rabbite’s colleague Joan Burton’s “push” for a €5 increase in Child Benefit.