A tiny number of Irish workers are participating in Save As You Earn (SAYE) schemes, according to figures obtained from the Revenue Commissioners. SAYE schemes were first introduced in the 1999 Finance Act.

Only 10 Irish companies have introduced SAYE for their employees. The other 53 companies registered for SAYE schemes are foreign.

Under such schemes, employees contract to save a set figure of after-tax salary (between £10 and £250) per month for three or five years, with tax-free interest.

These savings can then be used at the end of the saving period to purchase shares in the company at a discount of up to 25 per cent.

The schemes are available to 44,846 workers in 63 companies, that is less than 3 per cent of the workforce, and 1,380 people are currently participating in them. The Revenue is in correspondence with more than 20 other companies, which are at different stages of application to register SAYE schemes.