Michael McGrath (Cork South Central, Fianna Fail)
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I thank Deputy Ryan for the question. She has highlighted a really important issue about the age-related costs. We have estimated that by the end of this decade, the cost of providing existing levels of service to an ageing population will be €7 billion to €8 billion higher than at the beginning of the decade. The Social Insurance Fund has recovered very well from the economic shock of Covid 19. It is in surplus and is projected to be in surplus for the next number of years. However, the reality of the demographic pressures we will face will become more acute as time goes on. That is why we have to make provision for the future. The setting up of this fund will not negate the need for future governments to make other decisions. I am not suggesting for a moment that a long-term savings fund will mean that future governments can avoid difficult decisions, because that is not the case. However, it can make a very important contribution to meeting those costs. That is why I think it should be a priority for the remainder of the term of this Government and Oireachtas that we complete that body of work.

Social insurance and the level of contributions will also make a contribution to that. The Minister, Deputy Humphreys, is working on a PRSI reform roadmap. The Government has been very open and upfront with people that the price for keeping the pension age at 66 involves us paying more in over time. That will mean both employers and employees paying more PRSI over time. The detail of when and how much is the subject of a Government decision. I know the Minister, Deputy Humphreys, is working actively on that at the moment. When it is ready, she will bring proposals to Government to make sure the PRSI system is making the necessary contribution to sustain the level of pension and other social supports that have to be funded into the future.