A series of open public meetings will be held around the island to discuss options for a ‘once in a generation’ reform of the social security system.
The meetings, starting on Monday next week at the Manx Museum, will form part of the consultation on proposals by consultants Ci65 first published last November.
Their report concluded that a bold transformation was needed of the social security system which is described as ‘out of date and broken’ and which has not kept pace with the ageing population, has become too complex, and risks failing the vulnerable.
Its recommendations include a new flat rate pension of £180 a week but people will have to work longer to get the full state pension and the retirement age could rise more than in the UK.
Other proposals could see a cap on benefit payments and the introduction of compulsory workplace pensions.
Mr Teare told the Examiner ‘once in a generation’ reforms were needed to make welfare benefits, the state pension and the National Insurance fund sustainable in the long term.
During his Budget speech last week he told Tynwald: ‘The issues at hand are of the greatest national importance and it is vital that we hear what the public thinks. How to reform will be one of the most important decisions to be made since the introduction of the welfare state.’
The public meetings are open to anyone who is interested in the future of the state pensions and benefits system.
Following the first meeting at the Manx Museum, the event will be held the next night (Tuesday, March 3) at Bunscoill Rhumsaa, Ree Gorree, assembly hall, Ramsey, then at Erin Arts Centre in Port Erin on Wednesday, March 4, and Peel Centenary Centre on Thursday, March 5.
All are at 7pm for 7.30pm.
Asked how the mistakes of the ill-received Big Debates could be avoided, Mr Teare said: ‘I can’t lecture anyone –this is informative.
‘There are three parts to it – the background to where we are now, the proposals and thirdly what people’s initial views are.’
He added: ‘This is just the launchpad for the consultation.’
Mr Teare said he had been accused of scaremongering over the state of the National Insurance Fund and that critics believed the issue would simply be kicked into the long grass’.
But he pointed out that Manx National Insurance Fund, from which the state pension is paid, will be exhausted by 2047 – seven years earlier than previously expected. ‘Something has clearly gone wrong here. If we don’t deal it with now, on a phased basis the problems will be much greater to fix.’
Mr Teare said he believed if people were able to work longer they should be able to do so.
The consultation programme will also include meetings with the Junior Chamber of Commerce and the Chamber of Commerce.