Oireachtas Joint and Select Committees

Wednesday, 9 February 2022

Committee on Budgetary Oversight

Indexation of Taxation and Social Protection System: Discussion (Resumed)

Photo of Seán CanneySeán Canney (Galway East, Independent) | Oireachtas source

Yes, but it gives me an idea. The other part of it is that we are in discussions here about the pension age and increasing the pension age. There are several scenarios in front of us. The current pension age is 66 and we are discussing whether we should increase that going forward or whether we should increase the PRSI levy to pay for the pension deficit that may be there in future. Interestingly, Mr. Johnson said that because the UK increased the retirement age upwards from 60 to 66, the overall cost of indexation has been more or less balanced out. I refer to the fact that the numbers are not coming in as quickly as one would have thought in the context of the age threshold having been changed. Has a calculation been done in that regard? What is the increase, percentage-wise, in the overall bills in the context of just having indexation without actually increasing the age at which people can enter into a pension?

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