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

10:50 am

Photo of Joanna TuffyJoanna Tuffy (Dublin Mid West, Labour)
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It would be helpful to have that information. I notice the report indicates that the shortfall at the end of the projection period is now smaller than that projected in the 2005 review, and the reasons for this have been explained. For example, there is lower pension-related expenditure than previously projected and lower projected expenditure in a number of categories, such as jobseeker's and illness benefit. That is very different to the information that has been in the public domain over the past couple of weeks, and some of the coverage has been exaggerated. Ms Kennedy indicated that the figure of €324 billion refers to the sum of all annual deficits up to 2066, expressed in current terms, assuming no action is taken. That figure was very much the headline in at least one media outlet.

I know the witnesses cannot comment on policy but people such as us really need a menu of options. People know the choice of cutting, which is a blunt instrument in achieving savings, but what kind of options are available to increase the fund by way of PRSI rates? Is there a menu of options we can consider?