Written answers
Thursday, 30 May 2024
Department of Employment Affairs and Social Protection
Social Insurance
Rose Conway-Walsh (Mayo, Sinn Fein)
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208. To ask the Minister for Employment Affairs and Social Protection to provide a complete list of all payments from the social insurance fund, in tabular form; and if she will make a statement on the matter. [24452/24]
Heather Humphreys (Cavan-Monaghan, Fine Gael)
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The table below sets out all the schemes operated by my Department that are funded by the Social Insurance Fund.
I trust this clarifies the matter for the Deputy.
Schemes funded by the Social Insurance Fund: |
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State Pension (Contributory) |
Widows', Widowers' / Surviving Civil Partners' Pension (Contributory) |
Widows', Widowers' / Surviving Civil Partners' Pension (Death Benefit) |
Jobseeker's Benefit |
Jobseeker's Benefit (Self Employed) |
Deserted Wife's Benefit |
Maternity Benefit |
Adoptive Benefit |
Paternity Benefit |
Parent's Benefit |
Health and Safety Benefit |
Redundancy Payments |
Insolvency Payments |
Covid Related Layoff Payment |
Treatment Benefits |
Pandemic Unemployment Payment |
Illness Benefit |
Injury Benefit |
Invalidity Pension |
Partial Capacity Benefit |
Disablement Benefit |
Medical Care |
Carer's Benefit |
Guardian's Payment (Contributory) |
Widowed Parent / Surviving Civil Partner Grant (Contributory) |
Household Benefits Package * |
Fuel Allowance * |
Telephone Support Allowance |
* Depending on the primary payment, these schemes are funded by either the Vote or Social Insurance Fund. |
Rose Conway-Walsh (Mayo, Sinn Fein)
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209. To ask the Minister for Employment Affairs and Social Protection to provide details on the current social insurance fund reserves and projected expenditure and revenue into the fund out to 2027; and if she will make a statement on the matter. [24453/24]
Heather Humphreys (Cavan-Monaghan, Fine Gael)
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The Social Insurance Fund (SIF) derives its income primarily from pay-related social insurance (PRSI) contributions paid by employees, employers and self-employed persons.
The SIF finances a range of social insurance-based payments, such as jobseekers' benefits and State pension (contributory), as well as statutory redundancy/insolvency payments.
The administrative costs associated with both PRSI collection and the payment of PRSI entitlements are recoverable from the SIF.
The National Treasury Management Agency manages any surplus on behalf of the Social Insurance Fund, which may provide additional income to the fund through investments.
Table 1 outlines the currently estimated income, expenditure and surplus for the Social Insurance Fund for the period 2023 through 2027. These figures are estimates and may be subject to change depending on the prevailing economic circumstances.
SIF Income, Expenditure and Surplus / (Deficit) | 2023 Provisional Outturn | 2024 Estimate | 2025 Estimate | 2026 Estimate | 2027 Estimate |
---|---|---|---|---|---|
€m | €m | €m | €m | €m | |
Income | 15,723 | 16,987 | 18,430 | 19,839 | 21,336 |
Expenditure | 12,308 | 12,871 | 13,049 | 13,416 | 13,886 |
Surplus / (Deficit) | 3,416 | 4,116 | 5,380 | 6,423 | 7,451 |
Surplus at start of year | 2,091 | 5,507 | 9,623 | 15,003 | 21,426 |
Current Year Surplus / (Deficit) | 3,416 | 4,116 | 5,380 | 6,423 | 7,451 |
NET Surplus / (Deficit) at end of year | 5,507 | 9,623 | 15,003 | 21,426 | 28,877 |
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