A new compulsory pension scheme is to be considered at today’s cabinet meeting.
The scheme is for private sector workers and will involve an exchequer investment of nearly €3bn over a decade.
If approved the new scheme would come into force in 2024 but will be phrased over the course of the decade.
Under the scheme it’s envisaged that every 3 euro from the employee will be matched by the employer while government will invest 1 euro.
Those aged between 23 and 60 and who are earning more than 20,000 euro a year will be automatically signed-up but there will be a opt out option.
It is estimated that 35% of private sector workers do not have a pension plan.
