{"id":261481,"date":"2026-01-28T07:59:07","date_gmt":"2026-01-28T07:59:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/261481\/"},"modified":"2026-01-28T07:59:07","modified_gmt":"2026-01-28T07:59:07","slug":"pension-deductions-will-appear-in-pay-packets-of-760000-workers-for-first-time-this-week-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/261481\/","title":{"rendered":"Pension deductions will appear in pay packets of 760,000 workers for first time this week \u2013 The Irish Times"},"content":{"rendered":"

About 760,000 workers across the State will feel the impact of Ireland\u2019s new mandatory workplace pension scheme<\/a> for the first time this week when they receive their pay packets.<\/p>\n

A worker on the State\u2019s average wage of around \u20ac52,200 will see about \u20ac15 a week deducted from their pay to fund the new pension, called My Future Fund<\/a>. That amounts to about \u20ac783 a year from take-home pay.<\/p>\n

The worker contribution will be boosted by a similar payment from their employer and, for a worker on average pay, \u20ac5 from the State \u2013 which contributes \u20ac1 for every \u20ac3 put in by the employee.<\/p>\n

The deduction \u2013 1.5 per cent of gross pay \u2013 will automatically be taken from every worker earning more than \u20ac20,000, aged between 23 and 60 and not already a member of a workplace pension scheme. <\/p>\n

The \u20ac20,000 includes income from all employments. Employers and the State will be obliged to contribute to other workers outside these parameters if they choose to join the scheme voluntarily. <\/p>\n

That 1.5 per cent will rise in steps over the next decade until 2035, after which contributions will be set at 6 per cent of gross pay.<\/p>\n

While workers will be entitled to opt out of the scheme in July or August, they have been advised against \u201cknee-jerk\u201d reactions that could see them lose out on benefits in retirement.<\/p>\n

\u201cFor many of the 760,000 workers signed up to auto-enrolment (AE) this month, this could be the first time they have ever saved into a pension,\u201d said Teresa Bruen, financial services spokeswoman for insurance broker, Gallagher.<\/p>\n

[\u00a0Almost one in five people expect to be forced to work until age 70Opens in new window<\/a>\u00a0]<\/p>\n

She acknowledged that some low-paid workers may feel they simply cannot afford to pay into the scheme.<\/p>\n

\u201cHowever, for those workers, auto-enrolment could be their only opportunity to save into a pension scheme and to build up a pension pot for their retirement years, and indeed, it is for these workers that AE is likely to prove most valuable,\u201d she said.<\/p>\n","protected":false},"excerpt":{"rendered":"About 760,000 workers across the State will feel the impact of Ireland\u2019s new mandatory workplace pension scheme for…\n","protected":false},"author":2,"featured_media":261482,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[8484,114,268,85,46,2955,266,267,1264],"class_list":{"0":"post-261481","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-auto-enrolment","9":"tag-business","10":"tag-finance","11":"tag-il","12":"tag-israel","13":"tag-pension","14":"tag-personal-finance","15":"tag-personalfinance","16":"tag-work"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/261481","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=261481"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/261481\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/261482"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=261481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=261481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=261481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}