Willie Penrose (Westmeath, Labour)

The proposal to reduce PRSI contributions from 4% to 2% could lead to a shortfall of €645 million. With this shortfall, if the surplus stands at €3 billion, it will only take five years for it to disappear. All parties are committed to increasing the old age pension to €300 per week. Could the situation emerge that the Exchequer will have to pay between €800 million and €1 billion into the social insurance fund? Is the Minister concerned that the surplus will dissipate? Steps were taken to ensure it would not be raided by Governments. Workers rightfully point out they have paid for their pensions and are entitled to them. It behoves us all to ensure the moneys in the social insurance fund are protected and that the current trend of using the surplus is continued, so as to provide further increases and widen the scope of payments.

Does the Minister know the ratio for workers contributing PRSI to pensioners receiving payments? That is an important statistic and one upon which all pension policy must be predicated.

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