Oireachtas Joint and Select Committees

Wednesday, 7 February 2024

Select Committee on Social Protection

Estimates for Public Services 2024
Vote 37 - Social Protection (Revised)

Photo of Heather HumphreysHeather Humphreys (Cavan-Monaghan, Fine Gael) | Oireachtas source

That is the case. There were actuarial reviews, as the Deputy knows, on many occasions that painted a very bleak picture. Now is the time to start to make provision because there is no doubt but that our demographics are changing. Our population is getting older and more people are reliant on pensions. That is why I will be bringing through legislation - and I have been through this with the Deputy - for small increases in PRSI. Now is the time to do that when we are at full employment and all of that. I am told the surplus is cyclical and the deficit will be structural from 2030. It is projected that it is going to be in deficit. However, we are doing well at the moment and now is the time we have decided to make those small increases along with the other changes we have made to the State pension to provide for flexibility and the total contributions approach. We have also made a number of other changes. We look at the situation every five years. Things change and the projections we get are not always correct. We need to deal with real data because the situation has changed. When I look back to what the actuarial reviews were stating in 2015 and 2019, the situation is different. I am assured, of course,-----

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