Fidelma Healy Eames (Fine Gael)

On hearing about the raising of the pension age from 65 to 68, my first reaction was that we will be working forever. However, when I learned that currently, there are six workers for every one person on a pension and that if the current trend continues, there will be two workers for every one person on a pension by 2050, I just knew we must do something about it. From that point of view, I see this as a reforming measure. I understand it is a requirement under the EU-IMF deal.

It will be a culture change for everybody. I see some merit in what Senator Crown said in regard to providing a means to access private pension funds prior to maturity and the concept of a repatriation bank. We need to consider such approaches because everything must be on the table.

There is no doubt but that people are under severe stress as a result of personal debt - more than we, in this House, are speaking about. Anything which can lift that burden will not only help people but will benefit their health. I am concerned about the effect this is having on health. At a constituency level, I am witnessing a cycle of anxiety, depression and disability. I am not saying one causes the next but that is the cycle I am witnessing. We need to come up with new ways to help people feel more free financially.

On Second Stage, Senator Zappone spoke about research she carried out on the dangers of poverty traps for low paid workers, in particular manual workers who may not be physically fit to continue to work to 68 years of age but who will have to do so under this measure instead of retiring at 65. There is the possibility they could avail of welfare if they could not continue to work but was the situation in regard to such people thought out? I do not know about the dignity of reaching the age of 65 and then going on to welfare as opposed to getting a pension. How does the Minister propose to address this? Is it purely a financial measure? Will this measure to raise the pension age from 65 to 68 years of age affect those on public service pensions?