Based on the current membership of both Houses of the Oireachtas, the estimated saving in a full year from capping salaries of TDs at €80,000 would be €2.5m, while the estimated saving in a full year from capping salaries of Senators at €60,000 would be €0.4m.
Ministers and Ministers of State receive an Office Holder salary in addition to their salary as a TD. If a cap of €120,000 was imposed on both a Minister and Minister of State's salary the savings in a full year on the Office Holder's element only would be €0.9m.
Section 2 of the Oireachtas (Allowances to Members) and Ministerial and Parliamentary Offices Act 2009 provides, inter alia, that long service increments will not be paid to any member of the Houses of the Oireachtas after the next general election. This would reduce the estimated annual savings arising from a similar capping of the salaries of TDs and Senators to €2.1m and €0.3m respectively based on full membership of both Houses of the Oireachtas.