Results 2,761-2,780 of 28,255 for speaker:Éamon Ó Cuív
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: Yes, that is agreed.
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: The problem with this is that Mr. Duggan is looking at this from a social welfare point of view. We are here looking at the whole Government picture. The first premise I start from is that the present tax regime relating to pensions is totally unfair. If Mr. Duggan rummages through the papers in the Department he will see that there was an idea to give a tax credit of 33% back to...
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: If I go forward-----
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: No, it is an issue for us as a committee.
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: We have to stand on top of the system. There are two ways of working in the Department. Civil servants will work within the silo and I understand that because that is their job, but the Ministers sitting around the table with 15 people have to work above the silo to knock all these walls down. All of us - the witness has had good experience of this - are trying to get the system to knock...
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: I thank Mr. Duggan for confirming my figures, which is helpful.
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: I am sorry, can I say one other thing?
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: The employee is putting 6% into the scheme and the State is putting in 2%, which is 8%. Is that correct?
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: Everyone was saying it was very expensive and that is 6% from people's salary that they are being asked to pay in an extra contribution. We were arguing about people having to pay a minuscule difference. It is a very small difference when you look at the report from the Commission on Taxation and Welfare. There were proposals A, B, C and D. We dismissed A and B and it was between C and D....
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: But in percentage terms.
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: Rightly so.
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: The proposal was to go to 68.
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: Yes and no because-----
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: No. I will be going------
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: Yes but my point is as follows. When you are dealing with people on the ground they are concerned with what they are paying in. When you look at the choices, whether they are future choices or opportunities, in one case for a very minuscule change in the PRSI that we were being told was unaffordable if you watched the media commentary-----
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: They were saying you could not afford this extra pension and that there were two options. That one option was thestatus quoand one was the future is immaterial; that is only semantics. There were two options. For one option you paid a tiny bit as you went along and it was very small compared with 6%.
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: But it comes into the AE debate when you take things in the round. The difference in cash was about €40,000 in today's money when you got to pension age. That was front-loaded to the beginning of your pension years, which was great because lots of people die at 67, 68, 69, 70, 71, 72 or 73. Lots of people do not get to 83 years of age so it is good to get it at the beginning. That...
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: No. We have the figures mixed-----
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: I asked the Minister and we were given figures that from the year 2000 on it has been supplemented by €5 billion. It is being supplemented by €5 billion and that, of course, covers all of the PRSI schemes we have, including the pandemic payment, which is not a pension payment, so PRSI does a lot more for people than purely their pension. It is €5 billion over 20 years....
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: By €5 billion over 20 years.