The auto-enrolment pension is a landmark reform which will help people to secure their future with dignity and financial independence, a Fine Gael TD has said.
Chair of the Oireachtas Social Protection Committee, Deputy John Paul O’Shea said, “Too many workers around Ireland are facing retirement solely reliant on the State pension. Auto-enrolment changes that by ensuring most workers will automatically start saving for retirement.”
The system automatically includes workers earning over €20,000, aged between 23 and 60, as well as those who are not already part of a pension scheme.
For every €3 an employee contributes, their employer will add another €3 while the state will top it up by €1.
“This means that €7 will be invested for every €3 saved, and creates a powerful mechanism to grow retirement funds,” he said.
Deputy O’Shea emphasised the system is about securing your future, “It ensures that hard work today translates to financial security tomorrow. Fine Gael has always believed in empowering people to plan ahead and this reform is a practical step towards ensuring every worker has the means to retire with confidence.”
Families can plan for the future knowing that retirement savings are being built consistently, while employers share responsibility in supporting their staff’s financial wellbeing.
Deputy O’Shea concluded by describing auto-enrolment as a transformational policy which will benefit generations to come:
“I encourage all eligible employees to embrace this opportunity and take pride in knowing their retirement will be supported by a system which is designed to protect them.”