As an illustrative example, for someone earning €20,000 per year, the actual amounts are:
Employee Yearly Contributions | Employer Yearly Contributions | State Yearly Contributions | Total Yearly Contributions | |
Year 1 to 3 (contribution rate at 1.5%) | €300 | €300 | €100 | €700 |
Year 4 to 6 (contribution rate at 3%) | €600 | €600 | €200 | €1,400 |
Year 7 to 9 (contribution rate at 4.5%) | €900 | €900 | €300 | €2,100 |
Year 10 + (contribution rate at 6%) | €1,200 | €1,200 | €400 | €2,800 |
Further information on the tender process and the types of funds that Registered Providers will be required to provide will be available soon.