Fine Gael outline Jobs Creation Bill

Fine Gael’s Finance Spokesman Michael Noonan has announced his Party’s plans to hold a ‘Jobs Creation Bill’ (JCB) within 100 days, if elected to office on 25 February.

Mr Noonan was speaking at the launch of the YFG Youth Manifesto ‘Let’s Get Young Ireland Working’.

Noonan said the total cost of the initial measures for 2011 will cost €338m.

He added that in order to finance the additional job-creation measures, while respecting the deficit targets agreed with the EU and IMF, the 0.5% levy on pension funds will be brought forward.

“If we get elected to Government on 25 February, we want to start implementing the jobs plan element of our Five Point Plan straight away.

“The primary focus of the ‘Jobs Creation Bill’ will be to stimulate growth, protect jobs and create new sustainable jobs in the economy. We would plan that the ‘Jobs Creation Bill’ will have passed all stages by 1 July.”

The main components of the JCB include a cut in the 13.5% VAT rate to 12%, halving the lower 8.5% rate of PRSI and exempting companies that export more than 90% of their output from VAT.

At present this exemption applies to manufacturing companies only.

There are also calls for the abolition of the Travel Tax, re-allocation of the remaining National Pension Reserve and the creation of 5,000 National Graduate Internship Places.

“These make up the first stage of the policies needed to support recovery in the jobs market,” Noonan said.

“The ESRI projects that, with the right policies, the Irish economy has the capacity to add 100,000 additional jobs by 2015.”

By Jacqueline Purse