Alf Cannan's I Have A Dream

[english zloty]

6 minutes ago, Twitch said:

It's peak bullsh*t.

isn't it funny how income (including many guessed at sums) is just about the same as the actual operating costs (mainly salaries)

[Declan]

Am I reading it correctly? They're going to do all the things in that report and the net benefit is roughly the equivalent of the median full-time worker's wage.

[Ativa]

5 minutes ago, Declan said:

Am I reading it correctly? They're going to do all the things in that report and the net benefit is roughly the equivalent of the median full-time worker's wage.

How are you coming to that conclusion?

[forestboy]

1 hour ago, english zloty said:

DFE Department Plan 2023- FINAL (tynwald.org.im) 

advanced dreaming 🤣

 

👍 yes all pie in the sky. 
They will continue to bleed us all dry wherever they can. 😡

[Declan]

2 hours ago, Ativa said:

How are you coming to that conclusion?

Gross Expenditure- £27,109,000

Gross Income - £27,144,000

Net Income - £35k

[english zloty]

11 minutes ago, Declan said:

Gross Expenditure- £27,109,000

Gross Income - £27,144,000

Net Income - £35k

I took it as being the position now. So actual registration fees (about to increase) plus imaginary revenue from the TT, tourism, economic growth etc minus actual salary costs equals £35K. 

but, of course the key thing is the estimated revenue which is a significant portion of the ‘income’

[Ham_N_Eggs]

20 minutes ago, Declan said:

Gross Expenditure- £27,109,000

Gross Income - £27,144,000

Net Income - £35k

It's supposed to cost neutral. 

[2112]

The NPM yesterday published a plea from IOMG who have set up a list (register) of available key worker’ accommodation. They are appealing to landlords to use this register. At the same time they are ‘encouraging’ landlords who apply to be on the list to sign up for the voluntary landlord’s registration scheme. 
 

There is a housing crisis in the island both the private rented sector and other areas, and yet IOMG whilst trying to encourage landlords, to prioritise their properties to key workers, no doubt IOMG workers. They will implement a list of bureaucratic nightmares, under a voluntary guise. As things stand, to set up a list, and appeal using social media will require civil servant resources. Landlords are getting out of the letting industry due to the bureaucratic rules and regulations. 
 

Perhaps IOMG should have been more proactive and set up special key worker accommodation units? The old Nurses Home won’t do anything to help resolve the shortage and will take a long while to refurbish. 

[Blade Runner]

Government plans to grow the population to 100,000 might plug a shortfall in the National Insurance Fund in the short term – but it won’t solve the problem.

The NI Fund had been predicted to fall to zero in 2052-53, according to a review carried out in 2017, because of a growing shortfall between contribution and spending on benefits.

But a report by a UK government actuary, to be laid before this month’s Tynwald sitting, shows that the NI Fund will run out even sooner – by the year 2047-48 – if no action is taken.

 

 

 

 

The Fund is the third largest source of government revenue and pays for the majority of pensions and benefits as well as contributing to the funding of the Manx NHS.

 

It also played a key role in funding various government support packages during the Covid pandemic.

 

The growing shortfall between benefit payments and contributions is largely driven by the island’s increasingly ageing population, with fewer people of working age for each one who has reached pension age.

A 2021 report concluded there would be little public support for wholesale reform of the NI Fund.

Government is pinning its hopes on expanding the population from the current estimate of 84,120 to 100,000 and creating 5,000 new jobs.

The current population is estimated to be 84,120 but the actuarial report projects that to fall to about 83,250 by 2037, assuming net inward migration of 300 people a year.

Based on recent trends, the 100,000 population and extra 5,000 jobs envisaged in the island’s economic plan are unlikely to be achieved other than through much higher levels of inward migration, UK government actuary Michael Clarke notes.

He said that if a large proportion of the increased population were migrants of working age, NI contributions would increase in the short term and would not be immediately offset by a corresponding increase in benefit payments.

‘This would act to increase the size of the Fund and hence put back the fund exhaustion date,’ he said.

But he added: ‘However, over the longer term the migrants would become pensioners in receipt of a pension paid by the Isle of Man, which would then, in turn, increase future benefit outgo and act as a brake on the fund growth.’

Mr Clarke sets out an alternative scenario based on a high net inward migration of 600 people a year which would see the population grow to roughly 88,200 by 2037.

All else being equal, this would put back the fund exhaustion date by four years.

He said a much higher net inward migration of the order of 1,300 per year would be needed to produce a population of around 100,000 in 2037. The triple lock and the move to the new Manx State Pension are the other factors that are driving the growing shortfall between benefit payments and contributions.

Planned increases to the state pension age , to 67 and perhaps 68, would provide some mitigation, note the report.

Treasury has been consulting on changes to make NI contributions fairer so that all workers should pay regardless of how their affairs are structured.

Edited April 21, 2023 by Blade Runner

[Banker]

30 minutes ago, Blade Runner said:

Government plans to grow the population to 100,000 might plug a shortfall in the National Insurance Fund in the short term – but it won’t solve the problem.

The NI Fund had been predicted to fall to zero in 2052-53, according to a review carried out in 2017, because of a growing shortfall between contribution and spending on benefits.

But a report by a UK government actuary, to be laid before this month’s Tynwald sitting, shows that the NI Fund will run out even sooner – by the year 2047-48 – if no action is taken.

 

 

 

 

The Fund is the third largest source of government revenue and pays for the majority of pensions and benefits as well as contributing to the funding of the Manx NHS.

 

It also played a key role in funding various government support packages during the Covid pandemic.

 

The growing shortfall between benefit payments and contributions is largely driven by the island’s increasingly ageing population, with fewer people of working age for each one who has reached pension age.

A 2021 report concluded there would be little public support for wholesale reform of the NI Fund.

Government is pinning its hopes on expanding the population from the current estimate of 84,120 to 100,000 and creating 5,000 new jobs.

The current population is estimated to be 84,120 but the actuarial report projects that to fall to about 83,250 by 2037, assuming net inward migration of 300 people a year.

Based on recent trends, the 100,000 population and extra 5,000 jobs envisaged in the island’s economic plan are unlikely to be achieved other than through much higher levels of inward migration, UK government actuary Michael Clarke notes.

He said that if a large proportion of the increased population were migrants of working age, NI contributions would increase in the short term and would not be immediately offset by a corresponding increase in benefit payments.

‘This would act to increase the size of the Fund and hence put back the fund exhaustion date,’ he said.

But he added: ‘However, over the longer term the migrants would become pensioners in receipt of a pension paid by the Isle of Man, which would then, in turn, increase future benefit outgo and act as a brake on the fund growth.’

Mr Clarke sets out an alternative scenario based on a high net inward migration of 600 people a year which would see the population grow to roughly 88,200 by 2037.

All else being equal, this would put back the fund exhaustion date by four years.

He said a much higher net inward migration of the order of 1,300 per year would be needed to produce a population of around 100,000 in 2037. The triple lock and the move to the new Manx State Pension are the other factors that are driving the growing shortfall between benefit payments and contributions.

Planned increases to the state pension age , to 67 and perhaps 68, would provide some mitigation, note the report.

Treasury has been consulting on changes to make NI contributions fairer so that all workers should pay regardless of how their affairs are structured.

Uk government are discussing increasing pensions age to 70 which IOM will follow & again will aid funds. What we need is a large payment upfront from anyone over pension age moving here & using healthcare. Also NI contributions need increased as lower than UK

[2112]

7 minutes ago, Banker said:

Uk government are discussing increasing pensions age to 70 which IOM will follow & again will aid funds. What we need is a large payment upfront from anyone over pension age moving here & using healthcare. Also NI contributions need increased as lower than UK

Why not have a strict residency criteria, which covers age, capital, and employment etc. It doesn’t have to be akin to Jersey, but sadly the island is taking any Tom, Dick and Juan. They could also vet prospective new residents for criminal records to discourage those with drug convictions.

Edited April 21, 2023 by 2112

[Blade Runner]

7 minutes ago, Banker said:

Uk government are discussing increasing pensions age to 70 which IOM will follow & again will aid funds. What we need is a large payment upfront from anyone over pension age moving here & using healthcare. Also NI contributions need increased as lower than UK

That will work

🙂 

Good luck with that plan mate..............

[Banker]

22 minutes ago, Blade Runner said:

That will work

🙂 

Good luck with that plan mate..............

It’s an option in island plan, it works elsewhere to keep scroungers out so would work here also , if they don’t pay they don’t get residency.

 

[forestboy]

1 minute ago, Banker said:

It’s an option in island plan, it works elsewhere to keep scroungers out so would work here also , if they don’t pay they don’t get residency.

 

Works where and how much?? 

[doc.fixit]

6 minutes ago, Banker said:

It’s an option in island plan, it works elsewhere to keep scroungers out so would work here also , if they don’t pay they don’t get residency.

 

I'm fairly sure that a few years ago new residents brought their state pension pot with them and it went towards their Manx pension?