75% of workers fearful over retirement

THREE-QUARTERS of Irish workers are worried about not having enough money to retire on, research shows.

A new survey, carried out by employment law consultancy firm Peninsula Ireland, found that 69% of employees are concerned about job security, with 74% worried about not having enough money to retire.

The latest national quarterly household survey issued by the Central Statistics Office (CSO) for the last quarter of 2009, showed the number of workers with a pension across all age groups had slumped to 51%.

The research, which surveyed 1022 workers, also found that 71% of workers are made to undertake more work for the same pay while 63% indicated they would rather take a pay cut than be made redundant.

Speaking about the results, managing director of Peninsula Ireland, Alan Price, expressed concern about the number of people worried about the ability of their pensions to fund their retirement.

“Whilst it is mainly the older generation who worry about retirement I think young people would be wise to plan from an early age. The more money younger employees put away, the more financially stable they will be when they retire. However at the same time it is difficult to convince younger workers of the benefits of saving especially when retirement seems such a long time away,” he said.

Mr Price said employees fearful of their futures are increasingly trying to make themselves more valuable to their employees in order to protect their jobs.

“Many employees that we spoke to are trying to raise their game and prove themselves invaluable to their employer. Since the start of the recession businesses have been forced to cut staffing numbers and although this is a cost effective option, it means the remaining employees are left with increased stress as they have to deal with increased workloads, without increased pay,” he said.

Meanwhile, Social Justice Ireland has called on the Government to create a part-time job opportunities programme aimed at taking 100,000 people off the live register over a three-year period.

The proposal would seek to create real part-time jobs in the community and voluntary sector. Long-term unemployed people could access these jobs on a voluntary basis.

These people would be paid the going rate for the job and would work the number of hours required to earn the equivalent of their social welfare payment with a small top up.

Director of Social Justice Ireland Fr Seán Healy said more radical initiatives were needed to tackle long-term unemployment.

“While initiatives focused on improving job creation and protecting jobs that already exist are very welcome and necessary, they should not create an illusion that Ireland’s unemployment crisis will be resolved in the period immediately ahead,” he said.