IRELAND - Mercer Human Resource Consulting has won a €165,000 contract to conduct and actuarial review of Ireland's Social Insurance Fund for the Department of Social and Family Affairs.
The contract is to "review the sustainability of the Social Insurance Fund for the period 2006-2061 currently and projected, to take into account a number of possibly policy scenarios and examine questions of distribution, migration and investment".
The firm won the tender, for which four firms applied, based on five criteria. They were: a proven track record in the area of actuarial and financial analysis; understanding the scope and demands of the study; suitability of work plans; an evaluation of the approach as well as the overall cost.
The Pay-Related Social Insurance (PRSI) contribution, normally payable by employer and employee, is a percentage of the employee's reckonable earnings.