Workers urged to inform themselves of pension options

Trade unions and the Government are planning a new push this week to encourage more Irish workers to take out pensions.

Trade unions and the Government are planning a new push this week to encourage more Irish workers to take out pensions.

Almost half of Ireland's two million-strong workforce do not have any pension coverage, most of them women.

The trade unions and the Minister for Social Affairs are using Pensions Awareness Week this week to encourage these workers to inform themselves of the various options available.

Economic observers are warning that a lack of action on the issue, coupled with Ireland's ageing population, is creating a pensions crisis for the future.

The State is unlikely to be able to meet the needs of pensioners in the years to come and the Government is already considering making private pensions mandatory in an effort to make sure people have money for their retirement.

Social and Family Affairs Minister Seamus Brennan is also urging people with SSIA savings to seriously consider a new government initiative that will see them get a €2,500 top-up if they put €7,500 of their SSIA money in a pension scheme of their choice.

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