Joan Burton (Dublin West, Labour) | Oireachtas source

One can find fault with a number of aspects with regard to the Government but not in this case. The Minister for Finance and the programme for Government set out very clearly that the proceeds from the pension levy would be adopted as a jobs fund. I have listened to Members on both sides of the House commend the 9% VAT rate for the hospitality sector which is funded from the same levy. The Minister announced in the budget that it would last until 2014, as was set out in the programme for Government and the jobs programme in May 2011 shortly after the Government was formed. That is exactly what the Government is doing.

Several days ago the CSO published figures bringing the very welcome news that 58,000 more people were at work. If we are to stabilise the economy and put it on a sustainable footing, it is about getting people back to work and paying their contributions and taxes. This year, as a result of getting more people back to work, the Department had a reduction of €150 million in spending in certain areas of social welfare with reference to jobseekers. In turn, we have been able to contribute to the overall settlement required in the budget this year. The Government indicated very clearly what the jobs fund would be used for and when it would end.

With regard to the 0.15% levy, the Minister made an announcement at budget time. Perhaps when he next visits the House, the Senator can question him in detail on his future plans, although as it would relate to future budgets, I am not quite sure whether he would share his thinking in detail. The levy proceeds will be used to make funding available in the context of the European court's decision which came through in April this year on the State's obligations under the EU directive. I do not like going back in time too much, but as I recall the directive dates from 2008 when there was still quite an amount of money in the country. The previous Government did not rush to implement the EU pensions directive for reasons we understand. We are now trying to get things together and put the country back on a sustainable and sensible footing with modest prosperity and a recovery now in train. The initiative on job creation and the increase of 58,000 people in work this year, of whom 54,000 are in full-time employment, are among the most positive news stories anyone looking at the economy would take into account. Since 2008 we have lost 250,000 jobs, one of the biggest numbers of jobs lost in any country as a consequence of the bank and construction failure.