Cessation of Pre-Retirement Allowance
The PRETA scheme (Pre-Retirement Allowance) was subjected to critical review and having regard to a range of local and international factors and trends it was decided that it was no longer appropriate to have an early retirement scheme in place.
It was, therefore, decided that the scheme should be phased out. Existing participants retained their entitlements, but no further applications were taken. Had the scheme been abolished entirely, an additional 11,000 people would have been counted amongst the unemployed.
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