NoRegretsCoyote
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So the PRSI that Public Servants pay shouldn't be factored in when looking at the funding of their own State pension, is that what you are saying? If their PRSI contributions go towards their own pensions (which I assume they assume is the case) then that total amount has to be removed from your €6 billion figure.
I've linked to numerous sources which support my point and you've done a few back of the fag-packet calculations and I don't know the numbers? Yea, right.Public servants recruited since 1995 pay Class A PRSI and receive a contributory state pension. Their occupational DB pension is calculated as a value of final salary and then the contributory state pension is subtracted from it. This is what is known as "integration".
Otherwise you don't seem to know the policy or the numbers at all so I'm out.
Ah I did. You've failed to address any of the facts. Instead you've pulled figures out of the air and made nebulous attacks on me.You didn't seem to know that employers PRSI existed.
Yes, we are all aware that the social insurance system is pay as you go. You're "point" would require at least an additional €5 billion to be raised each year to fund current liabilities, that pay as you go system, while investing the extra €5 billion. The pay as you go system is that we are dealing with so, as I've said from the start, people are paying PRSI to fund the existing pension liability rather than their own pension, a future liability which will be far larger than the current liability, so they are not paying anywhere near enough to fund their own pension.@Purple
The social insurance system is pay as you go. The KPMG actuaries point out (correctly) that outgoings will exceed incomings in future even with the legislated-for increase in pension age, all on a PAYG basis. This is fine.
My point is that if you invested half of today's PRSI take every year you would just about fund the contributory state pension bill. Investment over the long term can be safely assumed to generate a positive return.
Okay, so then it's fair to say that currently people aren't paying enough to fund their own pension which is the point I was making.@Purple
More or less. Except that the demographic changes wouldn't be as big an issue, because of pre-funding.
The parts is run from the UK by members of the IRA. The IRA murdered children. The public leadership of Sinn Fein regard those people as friends, colleagues and "good republicans" and are willing to break Covid19 restrictions to go to their funerals. Therefore I consider the term accurate.Regarding your reference to "child Killers" please name these child killers you refer to. Actually amazed moderators have not removed your comments.
The number of people drawing the State Pension will triple over the next 35 years. That's a fair bit of extra resources to extract, especially considering the many other resources that older people consume, health services being the main one. Those over 65 already consume over a third of all healthcare spending. In 35 years there will be twice as many of them per head of population.I should add, there appears to be a train of thought that says if the value of social insurance contributions towards State pension equals x plus interest, that therefore the value of State pensions provided for should not exceed this amount.
While the PRSI contributions of working people are the primary resource for funding State pensions, they are by no means the exclusive resource for funding pensions. As we all know, wealth is generated in many ways and the State tends to find ways to extract a portion of that wealth to fund public and social services including State pensions.
Regarding your reference to "child Killers" please name these child killers you refer to. Actually amazed moderators have not removed your comments.
The number of people drawing the State Pension will triple over the next 35 years. That's a fair bit of extra resources to extract,
Those over 65 already consume over a third of all healthcare spending. In 35 years there will be twice as many of them per head of population.
Not even a new thread. Title All Shinners are child killers.No posting guideline has been offended.
Not picking out any career but just as a couple of examples. A member of the gardai pension would cost 1.8million for a private sector worker. A super in the gardai who might have salary of around 110k would have a pension of 55k and take home a tax free lump of 165k at age 60. There are well over 300k state employees now. The real ticking timebomb.
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