SIPTU: Bill missed chance to invest private pension funds levy

The country's largest trade union, SIPTU, has criticised the new Finance Bill, saying it's "deeply disappointing".

Finance Minister Michael Noonan unveiled the details of the bill yesterday which includes tax breaks for skilled workers who come here for jobs, and further supports for new businesses.

But the trade union said the bill has missed an opportunity to use private pension funds to invest in the country's infrastructure needs.

As Union General President Jack O'Connor explained, their proposal would see the levy applied to these funds put to work, if businesses committed to projects.

Mr O'Connor said: "The levy would be taken and then rebated back as the enterprises generated the returns.

"The whole thing would be cost-neutral but generate tens of thousands of jobs and do all the positive things that would do for the economy, which is in the doldrums despite having the highest savings ratio it has probably ever had."