Written answers

Thursday, 30 May 2024

Department of Employment Affairs and Social Protection

Social Insurance

Photo of Rose Conway-WalshRose Conway-Walsh (Mayo, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

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]

Photo of Heather HumphreysHeather Humphreys (Cavan-Monaghan, Fine Gael)
Link to this: Individually | In context | Oireachtas source

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:
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.

Photo of Rose Conway-WalshRose Conway-Walsh (Mayo, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

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]

Photo of Heather HumphreysHeather Humphreys (Cavan-Monaghan, Fine Gael)
Link to this: Individually | In context | Oireachtas source

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

Comments

No comments

Log in or join to post a public comment.