Ireland. State to pay €1 for every €3 a worker puts into new auto-enrolment pension scheme
About 750,000 workers who do not currently have a pension will be enrolled in a new workplace pension scheme from January 2024, it has been announced.
The Cabinet has agreed its long-awaited auto-enrolment pension scheme, which will cost the taxpayer €3 billion in its first year. Social Protection Minister Heather Humphreys has said this pension scheme will operate in addition to the State pension and will kick in at retirement age which is currently 66.
The State will pay €1 for every €3 an employee puts into their pension fund under the new auto-enrolment system approved by ministers.
The new system will see everyone earning more than €20,000 automatically signed up to make contributions for their retirement fund if they are not already in a pension fund.
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