Fianna Fáil Spokesperson on Social Protection, Willie O’Dea TD, has called on Minister Joan Burton to immediately publish the review of the Social Insurance Fund, commissioned by her Department which was promised for June.
Deputy O’Dea was speaking after reports today suggest that the gap in the Social Insurance Fund (SIF) could be as much as €324 billion by the end of the 2066.
“Minister Burton needs to immediately publish the review of the SIF that was commissioned by her Department. This report was promised in June, and almost four months later we still have nothing. It is hugely important that the report is made public so we can have a proper debate about the best way to protect future pensions.
“The deficit between the amount of PRSI the Government takes in and what is given out in non-contributory social welfare and pension entitlements could be as high as €2 billion this year. Politicians from all parties have an obligation to apply their minds to dealing with such a challenge. To do so constructively, we need to see the SIF Report that the Minister has been sitting on.
“My fear, and the fear of many thousands of people across the country is that the Government will respond to this issue by simply hiking PRSI rates. There is already huge concern throughout the country about changes to pension and welfare entitlements, an increase in PRSI will condemn even more people to the poverty line.
“This shortfall in future pension funding is a potential time bomb which needs full and open debate. The Minister should publish her report without further delay.”