asked the Minister for Transport and Power if he will state in respect of CIE wage grade employees scheme (a) the number of employees covered, (b) the annual income in each of the last eight years, (c) the number of pensioners and the weekly amount paid in pensions at a recent convenient date, (d) the number of pensioners in each category of pension, (e) the amount standing to the credit of the scheme at the latest available date, (f) how this money is invested, (g) the income from investments over the past eight years, (h) the total amount paid in pensions over the past eight years and (i) the cost of administration of the scheme for the past eight years.
Ceisteanna — Questions. Oral Answers. - CIE Wages Grade Pensions Schemes.
27.
: With your permission, a Cheann Comhairle, I propose to circulate a tabular statement in the Official Report giving the information requested by the Deputy as at the latest date available.
Following is the statement:
C.I.E. WAGES GRADE PENSION SCHEMES
|
QUESTION |
ANSWERS |
|||||||||||||||
|
1967 |
1966 |
1965 |
1964 |
1963 |
1962 |
1961 |
1960 |
|||||||||
|
(a) The number of employees covered |
12,500 |
|||||||||||||||
|
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
|||||||||
|
(b) The annual income in each of the last eight years. |
823,413 |
781,774 |
790,389 |
489,438 |
475,978 |
482,635 |
410,341 |
407,728 |
||||||||
|
(c) The number of pensioners and the weekly amount paid in pensions at a recent convenient date. |
3,603As at12/10/68 |
Weekly amount (Scheme) £6,728 *Weekly amount (ex gratia) £1,002. |
||||||||||||||
|
(d) The number of pensioners in each category of pensions. |
As at 12/10/68 |
88/6 |
80/- |
78/6 |
73/6 |
70/- |
68/6 |
63/6 |
60/- |
58/6 |
53/6 |
50/- |
43/6 |
41/- |
27/6 |
25/- |
|
416 |
58 |
145 |
8 |
15 |
99 |
1 |
11 |
42 |
13 |
1 |
39 |
5 |
981 |
637 |
||
|
Early Retirement Pensions from 88/6 to 13/7d. |
||||||||||||||||
|
938 |
||||||||||||||||
|
Female Pensioners |
||||||||||||||||
|
33/- |
23/- |
30/- |
25/- |
|||||||||||||
|
11 |
3 |
1 |
18 |
|||||||||||||
|
Mortality Grant Pensions |
||||||||||||||||
|
161 at rates from £1 11s. 0d. to £6 15s. 0d. per week. |
||||||||||||||||
|
(e) The amount standing to the credit of the Scheme at the latest available date. |
At the 31st December 1967—£5,571,947. |
|||||||||||||||
|
(f) How this money is invested |
Fund invested in Trustee Stocks |
|||||||||||||||
|
1967 |
1966 |
1965 |
1964 |
1963 |
1962 |
1961 |
1960 |
|||||||||
|
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
|||||||||
|
(g) The income from investments over the past eight years. |
282,368 |
241,057 |
209,593 |
193,548 |
175,334 |
164,419 |
147,837 |
136,845 |
||||||||
|
(h) The total amount paid in pensions over the past eight years. |
341,677 |
275,124 |
266,858 |
223,846 |
226,042 |
234,791 |
205,916 |
181,962 |
||||||||
|
(i) The cost of administration of the scheme for the past eight years. |
Administration costs borne by Córas Iompair Éireann. It is not possible to give an estimate of the costs of administration. |
*Pensions include ex-gratia payments by the Board as follows:—
Retirement (other than on redundancy compensation) prior to 1/4/1963.
MALES: Increase of 7/6d. per week subject to—Minimum pension of 25/-d. per week.
Maximum pension of 56/3d. per week.
FEMALES: Pensions increased to 25/-d. per week (Minimum).
28.
asked the Minister for Transport and Power if he is aware that the present pension rates for regular wage grades in CIE were fixed in 1963; and if he will arrange with CIE that consideration be now given to new rates which will have relation to the increase in the cost of living and the reduction in the value of money since that time.
: The Commission on CIE Pensions and Sickness Benefit Payments which issued its report in March, 1964, recommend that CIE wage grades employees on retirement at the normal retirement age, after not less than 40 years' pensionable service, should qualify for a pension which, when combined with statutory social insurance benefit, would amount to two-thirds of their basic weekly wage at retirement and that such employees retiring with less than 40 and more than a specified number of years of pensionable service should qualify for a proportionate pension.
As an interim measure, pending the introduction of a scheme on the lines indicated, the Commission recommended increased pensions with effect from 1st April, 1963. Effect was given to the Commission's interim recommendations and proposals to extend the interim scheme are at present under consideration in my Department.
The Commission did not make any recommendation in respect of pensioners who retired before 1st April, 1963, but two ex gratia increases have been granted to such pensioners, the most recent in August this year. These pensioners will also qualify for the increased social welfare benefits which will come into effect in January, 1969.