§ Mr. Stephenasked the Financial Secretary to the Treasury what sum it is estimated would be required to increase pensions under the Widows' and Orphans' and Old Age Contributory Pensions Acts to £1 per week; and what weekly increase of contributions from workers and employers, respectively, would be necessary to provide for such an increase without any additional subsidy from the Treasury?
§ Lieut.-Colonel ColvilleThe cost of increasing pensions under the Contributory Pensions Acts (including non-contributory old age pensions) to £1 a week would be nearly £90 millions a year at the present time.
The working out of contributions necessary to cover a particular scheme involves considerable labour, but possibly it may be sufficient for the hon. Member's purpose to note the figures quoted in the Debate last night as regards contributions in the case of a scheme substantially similar to the suggestion in the question. He will see that figures were then given for the cost to the contributors if the whole present cost of the scheme then discussed were spread over present contributors without Exchequer assistance. I would, however, refer him to the remarks I made as to the considerations which would arise as regards dispensing with Exchequer subsidy if an all-over increase of pensions were to be brought into immediate operation.