The Department of Employment Affairs and Social Affairs recently announced details of a pension auto-enrolment system.
It will be introduced on a phased basis from 2022, and under the system, a worker will be automatically enrolled in a pension scheme when they start a job
It will apply to all employees aged between 23 and 60 earning more than €20,000 a year and not already in a workplace pension scheme.
They will start paying contributions equal to 1.5% of salary, rising to 6% of salary in their tenth year of employment. Employers will be compelled to make matching contributions. The contribution from Government is still being discussed.
Dr Laura Bambrick, Social Policy Officer, ICTU told Today at Sean O"Rourke on RTE Radio 1 that the auto-enrolment scheme has been flagged for nearly two decades "less than half of all workers have a pension, and in the private sector less than one in three workers have a pension", she said.
Listen here:
https://www.rte.ie/radio/radioplayer/html5/#/radio1/21647391
