Isle of Man News - POSTED Wed 07-05-2014

£2million in NI coffers if pensioners pay

by Joanne Clague

£2million in NI coffers if pensioners pay - picture

Treasury Minister Eddie Teare has replied to a call for pensioners to pay into the beleaguered National Insurance fund.

Mr Teare said an extra £2.2million per year would be raised if workers over pension age paid NI but that it was a 'complex' issue that would require agreement with the UK.

Onchan MHK Peter Karran raised the question in the House of Keys, saying action was needed. The government has warned that the NI fund, already in deficit, will run out completely by 2050.

Mr Teare reminded the House that two years ago he introduced an NI 'holiday' for companies who took on additional employees, adding: 'We have to consider the effect on employment. We have a competitive position.'

The National Insurance shortfall for 2013-14 is estimated at around £10.5million, with total income of £176,331,942 while payments are estimated to total £186,765,703.

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