Sligo Councillor questions timing of new pension scheme

A Sligo Councillor says the timing could not have been worse to introduce a new auto enrolment pension scheme.


People before Profit Councillor Gino O Boyle is also fearful that such a move in the future could impact the value of PRSI pensions


Auto-enrolment will see all workers earning over 20,000 euro a year automatically signed up for a pension.


The worker will have to pay in, with contributions matched by their employer, and a contribution from the State.


During the first three years of the scheme employees will have to put in a minimum of 1.5 per cent of their salary.


People before Profit Councillor Gino O’ Boyle says unless the cost of living reduces over the next two years many will struggle to contribute to the pension scheme.