Dáil Éireann Debate, Thursday - 30 May 2024
209. Deputy Rose Conway-Walsh asked the Minister for 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]
View answerThe 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 |
