Tata Consultancy Services in Letterkenny are to manage a new auto-enrolement state pension scheme which is set to launch in January of next year.
The scheme will automatically enroll workers who are not currently in a pension scheme, earn more than €20,000, and are aged between 23 and 60.
As part of the scheme, employers and the state will also offer part-contributions to each individual pension fund.
For every €3 that an employee puts in, their employer will also put in €3, and the State will add €1, meaning that for every €3 contributed by the employee, €7 will be put into the employee’s pension account.
The scheme and its administration base being in Donegal has been welcomed by Donegal Deputy Charlie McConalogue.
“The Auto Enrolment Scheme, My Future Fund, is a game changer for employees in Donegal and I’m glad employers are being supported in this too,” he said.
“This represents real progress by Fianna Fáil in Government on something that’s been talked about for years. I’m glad to see My Future Fund moving forward and I look forward to working with Minister Dara Calleary to make sure it works well for both workers and employers here in Donegal.”
“Last year, TCS in Letterkenny was selected to manage the state’s new automatic enrolment pension and this was a major boost for the company and the region. Hopefully, this contract will see the creation of more jobs at TCS in Letterkenny in the years ahead.” he added.
