The proposal would see the pension amount rising to €257 per week in the next government's term
The Tánaiste Joan Burton is reported to be planning a €25 increase to the old age pension over the next five years.
The Labour leader says pensions should rise in line with expected annual inflation of 2%.
That would mean raising the weekly payment by €5 each year.
If implemented, it would result in the pension rising to €257 per week by the end of the next government's term.
Speaking to the Sunday Times, the Tánaiste said, "I think it's critical that people at different stages in their life have suffiicent financial resources to be able to live with a threshold and standard of decency".
The weekly pension is to increase by €3 for pensioners and carers aged 66 and over from January 2016.
Speaking on The Sunday Show this morning, journalist Sinead Ryan - who was appointed to the Pensions Council earlier this year - says the Tánaiste will have to explain where she will find the pension funds.
She says that at the moment "state pensions and indeed public sector pensions are running at a very, very high deficit".