"More than 760,000 workers who are eligible for auto-enrolment will see an average of €15 per week deducted from their take-home. A worker on an average wage of €52,200 will see about €15 a week deducted from their pay to fund the new My Future Fund pension. Over a year, this amounts to around €783 from take-home pay, according to calculations by insurance broker and financial services specialist Gallagher."
"Financial services spokesperson for Gallagher Teresa Bruen said: "For many of the 760,000 workers signed up to auto-enrolment this month, this could be the first time they have ever saved into a pension. "The initial employee contributions - at 1.5pc of gross salary - are relatively small. At that rate, a worker on the average wage of €52,19 will see about €783 deducted from their annual pay, or about €15 a week.""
More than 760,000 workers eligible for auto-enrolment will have initial employee contributions of 1.5% of gross salary deducted to fund My Future Fund. On an average wage of €52,200 this equals about €15 per week, roughly €783 annually. Employers will boost the worker contribution with a similar payment and the State will contribute €1 for every €3 an employee puts in. Automatic enrolment applies to employees aged 23–60 earning over €20,000 who are not already in workplace pension schemes. Over 5,000 employees outside the criteria have voluntarily enrolled. Workers can opt out, but opting out may forfeit a likely retirement saving opportunity.
Read at Irish Independent
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