Public encouraged to share views on potential changes to pension auto-enrolment | Newry City News | Latest Newry News, Newry Sport and Newry Business for Newry City

Public encouraged to share views on potential changes to pension auto-enrolment | Newry City News

The Assembly’s Committee for Communities is seeking views on potential changes to how pension auto-enrolment works here.

 

Public encouraged to share views on potential changes to pension auto-enrolment | Newry City News - newry times news

 

These proposed changes could see a reduction in the lower age limit at which eligible workers must be automatically enrolled into a pension scheme by their employers, from the current age limit of 22 to 18 years.

As well as this, the Pensions (Extension of Automatic Enrolment) Bill under consultation could see the Department for Communities given the power to reduce the lower qualifying earnings band or repeal the lower limit of the qualifying earnings band so that contributions are calculated from the first pound earned.

The Chairperson of the Committee for Communities, Colm Gildernew MLA, says, “Automatic Enrolment was introduced in 2012 to enable more people to save for their retirement and to make pension saving the norm for most people in work.

“Saving for retirement is important for all of us, and the auto-enrolment scheme allows young people to start this process early. 

 


 


 

“However, we are conscious that the proposed changes could also have a negative impact on young people in employment, who would see their take-home pay reduced, as well as employers, particularly those in the hospitality and retail sectors, for whom the cost of employing young people would go up.”

The Chairperson adds, “As a Committee, we want to ensure that this legislation is robust and fit for purpose and that it will balance the needs of young people in employment and their employers.

“Every response to our call for views will give us invaluable insight, context and knowledge to help us make our final recommendations.

“It is therefore crucial that we hear from as many people as possible, particularly those who will be directly affected by the change.”

The Committee is seeking a wide range of public views over the summer months.

This is being done using Citizen Space, an online consultation tool, and a survey that has been launched today and will close on 24 September.

 


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Posted by on Jul 4 2024. Filed under Community. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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