Tánaiste Eamon Gilmore said today that the levy imposed on private pension funds is both modest and temporary.
The Labour Party leader made the comments following a poll in today's Sunday Independent which revealed that 64% of people believe the Government was wrong to introduce the 0.6% levy.
Some 69% do not believe the initiative will create thousands of jobs as promised.
But speaking at the Labour Party's annual James Connolly Commemoration in Dublin, Eamon Gilmore said it will work.
"The levy that's being applied is a very modest levy," he said.
"It's being applied to funds that have been built up with the benefit of tax reliefs and tax allowances over the years.
"It's a temporary levy, and it’s a levy that's dedicated for the purpose of the measures that are required to make the jobs initiative work."