The Taoiseach has at every opportunity described Ireland as the best little country in which to do business. It seems Forbes magazine agrees. However, I believe the question of whether Ireland is a good little country for the average person in which to try to earn a living needs to be raised. One of the reasons given for moving Ireland to the top of the Forbes list for pro-business countries is that wages have been driven down by 11% since 2008 in Ireland. Employers have used the economic crash and mass unemployment to attack wages and conditions.

I refer the Taoiseach to the industrial dispute involving 2,300 workers at the retail giant, Marks & Spencer, who were out on strike last Saturday en masse. This is a typical example of what is happening. The unions were called in this September by the management to hear the company's proposed cost saving measures. These included a reduction of Sunday and public holiday premium pay, the elimination of contracted Christmas bonuses and a reduction in the number of section managers. The company assured the unions that these were the only items on the agenda. Then, a bombshell came. Despite this assurance, within weeks the company unilaterally announced the closure of the company's defined benefit pension scheme on 31 October. I would like Deputy Stagg to listen to this because it should be of interest to him in respect of workers' rights. This affects 900 long-term staff in the shop. The scheme is performing and has a €17 million surplus. What we have here is a blatant use of the economic crisis to change long-standing conditions and pay for workers. These measures, including the winding up of the pension scheme, mean a cut of between 20% and 25% in pay and benefits for these workers.

As with the ESB workers, who I congratulate on taking a stand and winning the right to defend their defined benefit pension, workers at Marks & Spencer deserve full support in resisting these attacks. Does the Taoiseach accept that making Ireland the best little country for business makes Ireland a difficult place for working people to defend their pay, conditions and pension rights?

No, I do not. The position is that we are in a very much more competitive situation than we were in the past. The economic crash and the catastrophe that befell us following the bubble in the property market and the conduct of the banks has left many pension funds in deficit.

I am pleased the Labour Relations Commission was able to come to an agreement with management and the group of unions representing ESB workers that there will not be an electricity strike starting next Monday. This would have been catastrophic for business, for reputation and for ordinary people nationwide. I am glad the recommendations of the Labour Relations Commission have been accepted by both sides.

I regret that the workers in Marks & Spencer felt it necessary to have a strike on a busy weekend approaching Christmas. Clearly, this is an issue that must be resolved as one of many pension funds that are in deficit. Deputy Joan Collins will be aware of the Bill is passing through the House at present. It will have completed its passage before Christmas and will be law before the end of the year. This will have an impact in part on some of these pension funds. I agree that given the circumstances in which many pension funds and, therefore, workers find themselves, there is a need to have reflection a and debate on this subject in the new year. Differences exist between those who have just commenced work, those who have moved through with firms, organisations and pension funds and those who recently have retired. There are different sectors with disparate effects following the difficulties that so many pension funds face. While this Bill is going through, the opportunity exists to attempt to resolve all these issues using the well-tried and tested State machinery. Moreover, in the case of the ESB management and unions, use of the Labour Relations Commission enabled the issue to be resolved quite quickly in the interests of everyone in the country.

The crisis has been used internationally and in Ireland by companies to drive down wages, conditions and pension rights. This is the reality people face every day. The company in question, Marks & Spencer, has stated it has problems but it will not show those problems in Ireland which has not introduced legislation to make it obligatory for companies to reveal their profits and turnover in Ireland alone. Instead, they merely show their international profits. Therefore, it is difficult for unions to negotiate and get such companies to prove their actual costs. The workers involved in this dispute in Marks & Spencer will lose between 20% and 30% of their wages. These workers are committed to mortgages, loans and the future of their children and have made plans on the basis of their current wages. However, on 31 October this company was able to unilaterally wind down the workers' defined benefit pension scheme. Does the Taoiseach stand over that? Does he accept that a company can do this to workers in Ireland or will he stand with those workers and tell them they have the right to strike and to defend their pay, conditions and pensions? Moreover, these workers will be out again next Thursday, as well as Friday of next week, and I appeal to everyone not to pass those picket lines, if the doors are open, to defend these workers.

One issue with which the Government dealt in the first instance was the reversal in the reduction in the minimum wage and securing agreement about that from the troika.

These are not workers on the minimum wage. They are attempting to protect their rights.

The second issue with which the Government dealt was to take 330,000 low paid workers out of the requirement to pay universal social charge. It is well known that practically every defined benefit pension scheme in the country is in difficulties.

This scheme has a surplus of €17 million.

Clearly, the fact that in the case of the scheme that was dealt with last weekend, the company concerned is one of the strongest in the country speaks for itself. This is an issue that must be addressed nationally as a country and a people because as time goes on and people live longer, they will have a requirement to draw their pensions for a longer time. This issue must be reflected in the kind of pension scheme that operates and is put in place. It is not nice to see anyone on strike and obviously people have a right to do these things in particular circumstances. It is to be hoped the legislation that is going through will have its own impact but the country and the Oireachtas must decide on the nature of what it is we intend to do about pensions in general for the future, because all these schemes, practically without exception, have a series of difficulties of one sort or another.