Social partners criticise lack of pension initiatives

Employers and trade unions have criticised the lack of initiatives in yesterday's budget to boost pension coverage in Ireland.

The Government had been expected to announce an SSIA-type scheme where it would top up people's pension contributions.

The move had been expected in response to growing concern about low pension coverage in the private sector and the strain this would put on the public finances in the coming decades.

However, no such initiative was forthcoming.

IBEC and ICTU have both expressed disappointed with the lack of proposals on the issue given the widespread warnings of a looming pensions "time-bomb".