Threat to all of our pensions: Ó Cuív says OA Pension cuts cannot be ruled out


You, I presume, are paying social insurance. That in itself is providing for your future, or at least it would be if we weren't overpaying our current pensioners (based on the fact or our changing demographics we should be saving a massive amount in order to pay for our future pension liabilities).

If your income doesn't allow you to provide any pension (even €100 a week would be a great top up on the state pension) then you may have to work past 65.
 

Yes of course I am paying social insurance. I was replying to your point that people should provide their own pensions, where possible, without having to depend on the state pension. I also paying AVC towards my small private pension because I am only 10 years in my present job and the pension provided is too small. Apart from that what are people expected to do?
 
DerKaiser said:
Increasing the rate of corporation tax would be the final nail in this country's coffin
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Why do you say this. What's the corporation tax in the UK 21-28%, Germany 15.82% , France33.33%, Finland 26%, Luxemburg 29.63%, Belgium 33.99%, Sweden 26.3%, Russia 24%, Poland 19%,Italy 37.25%, Iceland 26%, Austria, 25%, Netherlands 25.5%, Spain 30%,

Ireland 12.5% - There is something wrong with this. It's time for our multinationals to pay more tax.

Can somebody answer how much 1 2 and 3 % on corporation tax incrase would bring in assuming all else is equal.

There is absolutely no reason why we could not increase this tax rate even taking into account wages and transport costs.

Freight in and out costs to Ireland will be similiar to what all these countries would pay assuming they buy raw materials in asia.Approx: 2% of revenue so this is not really an arguement, Our education standard is on par if not better that our Euro neighbours so that argument is out. so why not increase Corporation tax. Even if it went up by 5% we would still be lower than most countries in the world.
 
The State pension (contributory) should not be cut.

Public sector pensions should be cut, in line with the public sector pay cuts.

The 700pw pensions that are typical among many public servants could be cut.
 
Our multinationals? lol! - you mean America's multinationals (and other country's MNCs who like low corp tax)
The main reason Google, Microsoft and Intel etc, etc... are here is because of low corporation tax. I thought that was understood.
Raise this tax and these companies may find that it's not as lucrative to stay here and they'll go. Isn't America already putting the pressure on?

I'm sure the 12.5% figure is worked out to take other factors into consideration to make it worthwhile for these companies to stay. Upset the balance and they'll leave. It really is the last thing that needs to be touched.

(If they did leave, maybe indigenous companies would be able to afford staff, and grow. Just a theory)
 

And where will they go to that has a lower tax rate, english speaking workforce with easy access to a multilingual pool and a highy educated workforce.
 
Protocol said:
The 700pw pensions that are typical among many public servants could be cut.
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Really, do you have a source? I make that now on a salary of €55k. If I was to get €700 a week as a pensioner my final salary would need to be circa €100k pa with 40 years service. It's possible for me to achieve based on the current rules but it's hardly typical.
 
Means testing pensions

I have seen minister o Cuiv flying a kite about means testing pensions. Given that non-contributory state pensions are already means-tested,I expect he is referring to contributory state pensions and public service pensions. How unconstitutional is that?
 
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What you need to understand is that there are enough hard working people out there at the moment to support the pensions pyramid scheme. By the time we retire, there won't be.
 
We are a small island off the coast of a bigger island off the coast of Europe. Costs are higher here than in most of Western Europe and all of the Eastern Europe. Companies here have access to a tiny pool of skilled labour (There are 20 million people within a two hour drive of Düsseldorf). The notion that we have a world class education system is laughable. Our ability to link between universities and industry is (and I’m being very kind here) embryonic. We have very low levels of multilingualism and we have very little indigenous industry.

Add to that the fact that we are an island so supply-chain management costs and times are high; the cost of unprocessed iron ore or other basic raw materials is irrelevant. Dell moved to Poland to be closer to their supply chain and their markets, as well as the labour costs. Anyone who thinks our location doesn’t matter when it comes to manufacturing needs their head examined.

It’s all about the tax breaks, the rest is just stuff we tell ourselves to make ourselves feel better.
 
Back on topic.
shanegl said:
What you need to understand is that there are enough hard working people out there at the moment to support the pensions pyramid scheme. By the time we retire, there won't be.
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That's the crux of it.
 
jhegarty said:
India.
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Not a chance,Maybe call centre jobs but you will find that multinationals have found that they made a mistake going to India and are now pulling their callcentres back.
http://info.shine.com/Article/ITES/US-firms-shift-call-centre-ops-back-home-from-India/3518/cid3.aspx


The companies quoted earlier need a dependable elctricity supply. These companies have large datacentres that also need to be in a place with a reasonable ambient temperature otherwise they pay a fortune on air conditioning assuming the electricity doesn't shut down which it does almost weekly in India.

The companies quoted are also worried about their green credentials so they do not want to be huge guzzlers of electricty.

We really do sell ourselves short in this country, we have such a defeatest attitute and inferiority complex at times.
 

For example, typical teacher/some civil servants/many public servants retiring on 72k, getting a pension of 36k, equals 700pw.

Very common situation.
 
Protocol said:
The State pension (contributory) should not be cut.

Public sector pensions should be cut, in line with the public sector pay cuts.

The 700pw pensions that are typical among many public servants could be cut.
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If the state pension is cut, the public sector pension will also be cut.
There is no way they would keep public sector pensions untouched and cut the contributory pension.
It may seem unfair, but the public sector pension bill is 2 billion and the state pension is 4 billion. If this 6 billion is a sacred cow that can never be cut it will be impossible for the government o reach their target of reducing the deficit IMO.
 
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