asked the Minister for Social Welfare what the increased cost to the Exchequer would be if old age contributory pensions were payable at age 65 instead of the present 70.
Ceisteanna—Questions. Oral Answers. - Old Age Contributory Pensions.
53.
The increased cost in a year to the Exchequer of paying old age (contributory) pensions at the age of 65 instead of 70 would be about £1,250,000. In arriving at this figure it was assumed that the contribution of the Exchequer towards the gross cost of additional pension payments would be one-third, the remaining two-thirds being borne on contributions in respect of insured persons.
Has the Minister taken into account the effect of those who would be signing for unemployment benefit between the ages of 65 and 70 and the amount by which it would be reduced?
Yes.
Is that figure of £1 million odd the net amount?
Yes.
Is the Minister sure that is the net amount?
Yes. The cost of the new pensions will be over £7 million, maybe £8 million.
Would the Minister put them in the Official Report?
No, because we estimate as near as it is possible to estimate.