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Thu 03 Mar 2010Retirement age will rise to 68 in overhaul of pensions
THE RETIREMENT age will be raised to 66 in four years and eventually to 68 as part of a comprehensive reform of the pension system which will also include the introduction of a new mandatory “auto-enrolment” pension for middle- and lower-income workers in the private sector.
Employees will contribute 4 per cent of salary to the new defined-contribution scheme with employers paying 2 per cent and the State another 2 per cent.
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