Obligatory pension scheme to be introduced

A new scheme obliging all workers over the age of 22 to participate in a pension scheme is to be introduced within four years.

Workers will have to pay 4% of their income into a scheme.

For every €4 paid in by a worker their employer and the State would contribute a further €2 each.

The Government's long awaited pensions framework published this afternoon also says the retirement age will rise to 66 in 2014, 67 in 2021 and 68 in 2028.

Finance Minister Brian Lenihan said the long-term benefit for the economy would be to relieve the pension burden that would otherwise fall on the Exchequer.

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