Auto-Enrolment is the term used to describe a government-backed scheme which requires employers to automatically enrol their employees into an occupational pension scheme.
This plan is for employees who are not already in an occupational pension scheme, and will ensure that they have a retirement income when they reach the age of 65.
The Irish Government has approved the details of a new pension auto-enrolment scheme, which is expected to be introduced in 2024. This scheme will allow individuals to save for retirement without having to actively enrol in a pension plan.
It will also ensure that all employees are automatically enrolled into an appropriate pension plan, with contributions from both employers and employees.
Who is eligible for the new pension auto-enrolment scheme?
Any employees aged over 22 and earning more than €20,000 per year will be enrolled into a pension plan unless the employee opts out. The Government hopes that this scheme will help to ensure that people are better prepared for retirement and have enough money saved up for when they do retire.
Auto-enrolment for Ireland is a great way to ensure that everyone has access to a secure financial future. It will help people save for their retirement without having to worry about actively enrolling in a plan or making sure they have enough money saved up.
With this new scheme, individuals can rest assured knowing that they have taken steps towards securing their financial future.
For more details, visit the official press release on gov.ie website – direct link here