The Construction Workers' Pension Scheme (CWPS) is an industry-wide, occupational pension scheme providing pension solutions for employees in the construction and related industries, providing economic pension and protection benefits to both employees and employers.
It is designed to allow construction workers and their families retirement and low-cost protection cover. CWPS has over 30,000 active members employed by over 2,000 employers and is amongst the biggest occupational pension schemes in Ireland.
An increase in the rates will take effect on 1st October 2020 as agreed in the Sectoral Employment Order. The employer contribution total increases by 2.7% from €29.79 to €30.60 and the employee’s contribution total increases by 2.7% from €20.03 to €20.57.
A breakdown of the new rates are below:
|With effect from 1/10/2020|
|Pension Contribution Employer||€28.09|
|Pension Contribution Employee||€18.73|
|Life Assurance Contribution Employer||€1.17|
|Life Assurance Contribution Employee||€1.17|
|Sick Pay Contribution Employer||€1.34|
|Sick Pay Contribution Employee||€0.67|
|Total Employer Rate||€30.60|
|Total Employee Rate||€20.57|
There are no changes for 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.