State to pay €1 for every €3 a worker puts into new auto-enrolment pension scheme

Minister for Social Protection Heather Humphreys has said the pension scheme will operate in addition to the State pension and will kick in at retirement age which is currently 66. Photo: Gareth Chaney/Collins

About 750,000 workers who do not currently have a pension will be enrolled in a new workplace pension scheme from January 2024, it has been announced.

The Cabinet has agreed its long-awaited auto-enrolment pension scheme, which will cost the taxpayer €3 billion in its first year. Social Protection Minister Heather Humphreys has said this pension scheme will operate in addition to the State pension and will kick in at retirement age which is currently 66.