Peadar Tóibín (Meath West, Sinn Fein) | Oireachtas source

I have been informed that profitable businesses are reducing their exposure to workers' pensions and, in one case, a bank, which is currently repatriating profits to its English parent, is reducing the pensions that workers have paid into. While it is necessary to have reserves and proper regulations in this area, it is important that they do not damage the livelihoods and wages of pensioners.

The pension levy is a bizarre wealth tax. It makes no proper discrimination between the pension a person earns and does not earn. Tara Mines workers have lost 10% of their earnings. Given many Government Members did not understand the impact the levy would have and given it affects such a vulnerable section of society so severely, it must be their desire to have a such a tax reversed. It must be considered that the levy was designed to create jobs. Ireland has lost more jobs per capita than any other western country since the Great Depression, 87,000 people emigrated last year, which is the highest number since the 1800s and 33,000 left the workforce last year. The pensioners are paying for a Government jobs plan which has resulted in the worst jobs figures imaginable. The burden is on their shoulders while the Government's jobs plan, unfortunately, fails. Will the Minister of State at least bring this issue to the attention of the Cabinet and ask that this unfair levy be reversed in the budget?

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