Industry and Employment Correspondent
40% of workers aged between 20 and 69 have no occupational pension coverage other than the state pension, according to Age Action.
Addressing a Pensions Commission webinar, Age Action Senior Public Affairs and Policy Specialist Dr Nat O Connor noted that in certain sectors of the economy, a majority of employers do not offer a company pension scheme.
As a result, more than one in ten older people were at risk of poverty, while more than one in every nine experiences material deprivation.
He said lower paid workers were particularly vulnerable to being unable to save for retirement beyond the state pension.
Analysis: Commission on Taxation deadline means no major changes in next Budget The body tasked with finding new ways to pay for increased social supports will report in July 2022 so any impact will be deferred for at least a year 20th April, 2021
Minister for Finance Paschal Donohoe said the focus of the October Budget was going to be on dealing with the Covid-19 pandemic. Photo: RollingNews.ie
The timing of the Commission on Taxation and Welfare’s report is going to have an immediate impact on the forthcoming budget.
The commission is not due to report to Minister for Finance Paschal Donohoe until July 1, 2022. That means that any major changes to the taxation and welfare system won’t be happening in the October Budget.
Commission set up to assess how tax and welfare can support economy Group must also ensure there are sufficient resources to meet costs of public services
Mon, Apr 19, 2021, 18:26
A commission to independently consider how best the taxation and welfare systems can support economic activity and promote increased employment and prosperity has been established by the Government.
The Commission on Taxation and Welfare, which will be chaired by Prof Niamh Moloney, will also be charged with ensuring there are sufficient resources available to meet the costs of the public services and supports in the medium and longer term.
“The commission’s work will have regard to the principles of taxation and welfare policy outlined within the Programme for Government, including the Government’s commitment to a pro-enterprise policy framework,” the Government said in a statement.
Minister Donohoe announces establishment of Commission on Taxation and Welfare
Commission will look at how best to support economic activity while ensuring sufficient resources available to meet costs of public services
The Minister for Finance, Paschal Donohoe, TD, has today (Monday) announced the establishment of the Commission on Taxation and Welfare, chaired by Professor Niamh Moloney.
As set out in the Programme for Government, the Commission of Taxation and Welfare is being established to independently consider how best the taxation and welfare systems can support economic activity and promote increased employment and prosperity. This is while ensuring that there are sufficient resources available to meet the costs of the public services and supports in the medium and longer term.
The annual Forbes billionaires list was published in recent weeks.
There was a reasonable expectation, in light of the pandemic, that the world s wealthiest would have seen their cash piles somewhat diminished in the past year.
Not so. In fact, the richest people in the world added more than $5 trillion to their collective wealth, according to Forbes.
In addition, almost 500 more people achieved billionaire status in the last year bringing to a record 2,755 the number of people on the planet whose net worth exceeds $1 billion.
And it s not just the super-wealthy that have been doing just fine.
As the Central Bank figures on savings suggest, many people in this country have been putting plenty of cash into bank and credit union accounts in the past year, a situation that was replicated across the continent.