WEDNESDAY, NOVEMBER 9,
1994
3
FINANCING PENSIONS FROM GENERAL REVENUE
ΤΟ RELY
SCHEME FROM GENERAL I AM SURPRISED AT CALLS TO FINANCE THE
THE PENSION REVENUE. THIS IS OFTEN COUPLED WITH THE ASSERTION THAT
SUCH AN OPTION, OR BENEFITS COULD BE MET FROM OUR BUDGETARY SURPLUS.
ΤΟ INDEED ANY OTHER OPTIONS WHICH SEEK TO FINANCE MAJOR ENHANCEMENTS
IS SIMPLY NOT INCOME BENEFITS FOR THE ELDERLY OUT OF GENERAL REVENUE,
BE REALISTIC. IT SHOULD BE CLEAR THAT ANY SUCH BENEFIT: PAYMENTS MUST FUNDED THROUGH A STABLE INCOME SOURCE ON A SUSTAINED BASIS.
TO PAY PENSIONS ON THERE ALWAYS BEING A SURPLUS LARGE ENOUGH ENHANCED INCOME BENEFITS ON A REGULAR BASIS IS UNDULY OPTIMISTIC. WE WERE TO FOLLOW THIS PROPOSAL, THEN THE BURDEN ON OUR TAXPAYERS JUST TO REMIND MEMBERS TO PROVIDE WOULD BE VERY SUBSTANTIAL INDEED. THE LEVEL OF BENEFITS EQUAL TO THAT PROPOSED IN THE SCHEME", WOULD REQUIRE AN INCREASE OF AT LEAST FOUR PERCENTAGE POINTS IN BOTH THE ARE TO BE FUNDED STANDARD RATES OF SALARIES AND PROFITS TAX, IF THESE OUT OF GENERAL REVENUE.
OR
IF
AFFORDABILITY
THE COMMUNITY IT WILL
I
I CANNOT AGREE WITH THOSE MEMBERS WHO SAY THAT CANNOT AFFORD THE PROPOSED OLD AGE PENSION SCHEME, OR THAT
US. THE CONSCIOUS LEAVE A HEAVY BURDEN FOR THOSE WHO COME AFTER DECISION TO LINK PENSION INCREASES TO PRICES RATHER THAN TO WAGES IS MEANT TO BALANCE THE NEED FOR A BASIC LEVEL OF INCOME SECURITY FOR THE OTHER. AGED ON THE ONE HAND, AND WHAT THE COMMUNITY CAN AFFORD ON THE IT IS NOT OUR INTENTION TO OVER-COMMIT THE COMMUNITY TO A FUTURE THAT'S BENEFIT LEVEL WHICH THEY MAY BE UNABLE OR UNWILLING TO AFFORD.
WILL THE "IRON-LINK" BETWEEN CONTRIBUTION INCOME AND PENSION PAYOUTS MAKE IT VERY DIFFICULT FOR ARBITRARY INCREASES TO BE MADE TO BENEFITS MILLION CONTRIBUTORS. WITHOUT FIRST OBTAINING THE CONSENT OF THREE WHAT WE HAVE SUGGESTED THEREFORE IS A VERY MODEST SCHEME. PENSION PAYMENT AMOUNTING TO LESS THAN 1.5% OF OUR GDP, IT IS CONVINCING THAT THE SCHEME WOULD BANKRUPT OUR ECONOMY, AS SOME MEMBERS HAVE ALLEGED.
WITH TOTAL HARDLY
INFORMATION CAMPAIGN ON THE OPS
SOME
MEMBERS
A
PROACTIVE LET ME ON OUR
HAVE CRITICISED US FOR UNDERTAKING INFORMATION CAMPAIGN TO CALL ON PUBLIC SUPPORT FOR THE SCHEME. ASSURE MEMBERS ONCE AGAIN THAT THERE IS NO QUESTION OF BIAS PART. I MUST ALSO REFUTE THE ALLEGATION MADE BY A MEMBER THAT WE HAVE SIMPLY MISREPRESENTED SOME OF THE MATERIALS IN THE PROPOSAL. THIS IS UNTRUE. ALL MATERIALS INCLUDING THE CONSULTATIVE REPORT HAVE BEEN MADE AVAILABLE
FOR FULLY
THE PUBLIC FOR THEIR SCRUTINY IN OBJECTIVE MANNER. WE HAVE ALSO LISTENED ATTENTIVELY VIEWS EXPRESSED DURING THE PERIOD, WHETHER THEY AGAINST THE SCHEME.
' ''
AN OPEN AND TO ALL PUBLIC ARE ALL FOR OR
1
/BUT THIS