Almost 11,000 Carlow employees benefit from being auto-enrolled into new Government scheme

Almost 11,000 people in Carlow are now benefitting from being auto-enrolled in the Government's new pension scheme. 

My Future Fund aims to provide workers with access to a retirement savings scheme, which was introduced on the 1st of January of this year.  

In Carlow, 10,747 employees who previously had no pension savings have been auto-enrolled, 

Nationwide, over a quarter of the workforce from more than 104,000 employers have been auto enrolled into My Future Fund and are now saving for their post-retirement future.

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The sectors who have had the largest percentage of workers auto enrolled include construction, retail, and hospitality.

"My Future Fund is truly revolutionary in terms of pensions for Ireland, and for the workers of Carlow. MyFutureFund will benefit so many hardworking people over the coming years and decades, making sure they have more money in retirement than they otherwise would," Fianna Fáil Deputy, Peter 'Chap' Cleere said. 

A further 5,000 people have opted in to My Future Fund, including people who earn less than €20,000 or are aged between 18 and 22 or 60 and 66.

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My Future Fund means people will have extra money when they retire and won’t have to rely on the state pension alone.

Employers and the State also contribute in that for every €3 that an employee puts in, the employer will also put in €3 and the State will top up by €1.

This means that for every €3 contributed by workers who have been auto enrolled, €7 will be put into their account.,

To see contributions and how much has been saved, visit the MyFutureFund participant portal at www.myfuturefund.ie