New pension scheme approved by cabinet

The government says an automatic enrolment pension scheme for over half a million workers will be in place by 2022.

Under proposals agreed by Cabinet today, all workers aged between 23 and 60, who earn over 20,000 euro, will automatically be signed up for a pension. Employers will have to match their contribution, which will initially be 1.5 per cent. A worker's pension contributions will be collected in the same pot, even if they change job. Minister for Social Protection, Regina Doherty, says it's about protecting employees' futures