Oireachtas Joint and Select Committees
Thursday, 18 January 2024
Public Accounts Committee
Appropriation Accounts 2022
Vote 37 - Social Protection
Social Insurance Fund 2022
Report on the Accounts of the Public Services 2022
Chapter 13 - Regularity of Social Welfare Payments
Chapter 14 - Ex gratia Payments of €1.4 million to Social Welfare Branch Managers
Chapter 15 - Raising Social Welfare Overpayments
Chapter 16 - Recovery of Welfare Overpayments
Chapter 17 - Actuarial Review of the Social Insurance Fund
9:30 am
Mr. John McKeon:
It is €130 million per year. One of the factors in increasing the social insurance rates is the cost of personal retirement bonds, PRBs. For example, the actuarial review of the social insurance fund stated that the average increase in rates over the next five or six years should be just under 0.08 of a percentage point. We are doing 0.1 of a percentage point going to 0.2. The difference is to cover the extra cost of pay related benefit.
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