New Compulsory Pension Scheme To Be Consider

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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.