The Construction Workers' Pension Scheme (CWPS) is a multi-employer occupational pension scheme providing pensions solutions for workers in the construction and related industries, at a low cost to both employees and employers. It is designed to allow construction workers and their families retirement and low cost protection cover.
The pension rates for CWPS agreed in the Sectoral Employment Order will increase from 1st October 2019. The employer contribution total will increase by 78 cents and the employee’s contribution total will increase by 53 cents.
The new rates are as follows:
|Employer Contribution||Employee Contribution||Total|
|Death in Service Contribution||€1.14||€1.14||€2.28|
|Sick Pay Contribution||€1.30||€0.65||€1.95|
The additional voluntary extras of Construction Workers Health Trust member contribution of 1.00 and the Benevolent Funds of employer contribution of 0.19 and member contribution of 0.50 will remain the same as the current rates.