News & Media

Question over Pension age after welfare estimates published

27 May 2020

Statement by Ged Nash TD
Spokesperson on Finance, Public Expenditure and Reform

The revised estimate for the Department of Employment Affairs and Social Protection was published today, and Labour’s Ged Nash said the budget figures raise questions over whether the pension age increase to 67 will still be stopped this year and called on the three parties negotiating for government to clarify their position.

Deputy Nash, Labour’s Social Protection spokesperson said:

“The estimates published today show that the Department’s budget relies on an extra €1.6 billion from the Social Insurance Fund over the €10 billion drawn down last year. This is in the context of an expected major fall in PRSI receipts.

“The surplus in the Social Insurance Fund will be wiped out by this move if this increased draw down continues. There was a projected surplus for 2019 alone of €1.44 billion, bringing the accumulated surplus to close to €4 billion

“This development raises serious questions about the move to stop the increase in the pension age to 67 in 2021 and whether those parties negotiating a programme for government will stick to their commitment. Fianna Fáil and the Green Party have both said they will stop the increase. Where does that stand now?

“I will be questioning the Minister tomorrow in the Dáil on this issue. The Labour Party remains committed to stopping the increase.”