The Irish Congress of Trade Unions has called on all politicians from across the political divide to prioritise the introduction of auto-enrolment legislation.
Responding to the publication of the Joint Oireachtas Committee on Social Protection’s pre-legislative scrutiny of the Automatic Enrolment Retirement Savings System Bill, general secretary Owen Reidy said: “The Irish Congress of Trade Unions has long pointed out that our voluntary approach to occupational pensions is not working and called for concrete action to address the alarmingly low pensions coverage.
“Worryingly, the recently released Pensions Authority activity figures for 2022 show a decline in the number of workers covered by private sector occupational pensions, at a time when the workforce is growing and larger than ever before.
“Given that the State Pension is paid at a flat €253.30 a week, workers without a company pension, two-thirds of today’s private sector workers, are exposed to a significant drop in their normal living standards in old age.”
He added: “Politicians have been talking about introducing a mandatory pay-related pensions saving scheme longer than they have been talking about increasing the pension age. Now that we are finally within touching distance of making income adequacy in retirement a reality for workers, it is imperative that all politicians work together to get the legislation passed. We cannot allow this Bill to fall if an election is called in 2024.”
The Irish Congress of Trade Unions thanks the Committee for their work scrutinising the legislation and for taking on board our recommendations. We will continue to push for these amendments as the Bill makes its way through both Houses to ensure that the new pension doesn’t leave young and low-paid workers behind or harm existing good company pensions.
