[an error occurred while processing this directive]
[an error occurred while processing this directive]
On-Air Now
Listen Live

National Insurance fund records 10.4 million pound shortfall

Tue, 04 Nov 2014

Eddie Teare MHK
Eddie Teare MHK

The Island's National Insurance Fund has recorded another major shortfall totalling £10.4 million.

It's the second year running that spending from the fund has exceeded the NI contributions paid into it - last year the shortfall stood at £14 million.

A report published in May estimated that unless changes were made the Manx National Insurance fund would be exhausted by 2054 - with pension spending set to increase by more than 500 per cent. 

Treasury Minister Eddie Teare has branded it further evidence that we're at a turning point with the welfare system and must start to make changes to ensure its future sustainability:


  • Eddie Teare MHK


Subscribe to get Energy FM News direct to your mobile device

You can get Energy FM News delivered direct to your mobile device using one of the following methods.

  • In the Apple News App on iOS search for Energy FM IOM and then just add it to your favourites
  • In the Google News & Weather App just search for Energy FM and then add us as a customised section
  • If you use an RSS Reader then just add our feed to your app, click here for our news RSS feed