Oireachtas Joint and Select Committees

Thursday, 20 September 2012

Joint Oireachtas Committee on Education and Social Protection

Actuarial Review of the Social Insurance Fund: Discussion

10:40 am

Photo of Aengus Ó SnodaighAengus Ó Snodaigh (Dublin South Central, Sinn Fein) | Oireachtas source

Significant changes are occurring in our society, with emigration a major issue. Those emigrating have traditionally been the ones paying the tax which assists the fund. Was the trend, in terms of the 50,000 to 60,000 people emigrating, taken into account? I accept the current make-up of emigrants is slightly different from that of previous emigrants and that some are families who are established and have work but who are on reduced pay. Despite the downturn, many people have managed to hold on to their jobs. However, the problem is that they are on reduced pay, with no overtime or bonus payments available on which they would have paid PRSI. Has this been taken into account in the immediate prediction? It is presumed we will be out of recession in five or ten years. However, emigration at the rate predicted suggests we may face a bigger problem in the future.

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