Chamber urges income tax credits boost for pension contributions

WORKERS should be given an income tax credit at the 42% rate for the first €4,000 a year in pension contributions, Finance Minister Brian Cowen has been urged.

Cork Chamber of Commerce, in a pre-Budget Submission to Finance Minister Cowen, said the Government must move to make it easier for workers to take the initiative to provide their own pensions.

Chamber Budget Task Force chairman Damian Riordan said that one of the critical matters in framing Ireland’s long term structural competitiveness is the need to transfer the initiative on future pension provision from the State to the individual.