Study shows half of employees happy with their work

We may give out about our bosses and all wish for better pay but almost half the people employed in Ireland claim to be working at something they love, according to a new survey.

The study of more than 1,000 people, which was conducted in September and October, also shows that while some 60 per cent of us are glad to have a job, few of us are thinking about our future with less than half of Irish adults having a pension in place.

The Irish Life research shows that one in two of those individuals currently without pensions say they can't afford to have one. A further 18 per cent of survey respondents believed they were too young to join a scheme.

The study shows that many employees are reliant on their employer to push them into signing up for a pension. At least 10 per cent of those surveyed said they didn’t belong to pension scheme because the company they worked for didn’t provide one.

A company pension plan was also seen to be a useful tool in terms of recruitment and retention with 73 per cent of respondents saying they would choose to work for a company that had a plan in place. In addition, 65 per cent said they would be more loyal to a company that provided a pension for employees.

Commenting on the study, Irish Life Corporate Business managing director David Harney warned of the dangers of not saving towards retirement.

“No matter what age you are, planning for your retirement or making sure your pension is on the right track should be a priority. The State Transition Pension was abolished this year increasing the pension age to 66 and this is set to increase to age 67 in 2021 and 68 in 2028. There’s never been a more important time to start or review your pension,” he said.

A second Irish Life study, published in June, showed the average age at which someone starts a pension plan in Ireland is 37 years. The average contribution from both employer and employee is 10.3 per cent of salary.

The report warned that this level of contribution was insufficient with individuals likely to receive a pension of just€7,900 per year, equivalent to just 17 per cent of their salary.