Séamus Brennan (Dublin South, Fianna Fail)

It was not just the Tánaiste's party conference that surprised me with its announcements — the other two parties currently represented in the House also surprised me with their announcements, but I have been doing the sums. Gross average industrial earnings were €601 in September 2006. On that basis, a pension based on 40% of gross average industrial earnings would be approximately €240 per week. A 50% pension would be approximately €300 per week. The estimated additional costs, in a full year, of bringing all maximum rates for those over 66 years of age to these levels, while maintaining the current relationship of increases for qualified adults to personal rates, are approximately €720 million and €2 billion respectively. This includes the qualified adult allowances, QAAs.

See this speech in context