The Department of Employment Affairs & Social Protection recently launched a consultation on the Automatic Enrolment Retirement Savings System ‘Strawman’ Consultation, open from 22 August 2018 to 4 November 2018. This will be introduced in 2022 and will impact upon businesses of all sizes. Information on this consultation can be found here: http://www.welfare.ie/en/Pages/Consultations.aspx
The proposals include employer contribution rates of 1% of gross income of an employee when introduced in 2022, rising annually by 1% until 2027, when the contribution rate will be 6% of gross income of the employee. Government will provide a ‘’Savers Bonus’ of €1 for every €3 contributed by the saver/employer. They are also hoping to make this scheme available for the self-employed to opt-in to. The plans will mean significant changes for businesses in the near future and as such Chambers Ireland intends to make a submission on this.
Please send any feedback you might have on the proposals for the Auto-Enrolment Pensions System to Elisha email@example.com