Deduction of €783 per year to hit pay packets of large number of average wage workers from this week

Thousands of workers to see first hit to pay packets from new mandatory pension this week

Hundreds of thousands of workers will see the first deduction from their pay packets this week to fund a new mandatory pension.

Deduction of €783 per year to hit pay packets of large number of average wage workers from this week

For those on average wage, auto-enrolment scheme is likely to see €15 a week deducted from wages initially

Revealed: How much will be deducted from weekly pay with pension auto-enrolment

For most of the 760,000 workers eligible for auto-enrolment, their first pension contributions will be deducted from their January pay. Those workers will see an average of €15 per week deducted from their take-home pay with this introduction. Workers who feel they cannot afford the contributions can still opt out of the scheme if they wish, but financial services specialist Gallagher has warned they should not do so lightly. Employees are also …