Minister for Social Protection Heather Humphreys is racing to meet her target of having the scheme up and running at the start of next year. Photograph: Niall Carson/PA
TCS set up and runs a UK auto-enrolment system established more than a decade ago. Founded in 1968, the company has had operations in Ireland for more than two decades and in 2020 opened a so-called global delivery centre in Letterkenny.
For every €3 a worker pays in, their employer would pay the same and the State would top this up by €1. The proposal is that the scheme would apply to those aged between 23 and 60 earning at least €20,000 annually. The “soft mandatory” scheme will give participants various windows to opt out of the programme.
Ms Humphreys’s department estimates that the cost to the State of the AE scheme will be about €138 million in 2025, its first planned year in operation. This is expected to grow to €760 million by the 10th year.
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