Seán Sherlock (Cork East, Labour) | Oireachtas source

I accept that the Minister is not minded to agree the Labour Party amendment. I am going over old ground from Committee Stage here, but in economic terms, our worry is what is called the opportunity cost. In essence, the time it will take to set this up means that workers will miss out on the scheme's benefits for a number of years. The example I cited on Committee Stage was of a worker on an average income of €922 gross per week. That worker will miss out on an employer contribution of approximately €6,500 towards his or her secure retirement. This legislation is about ensuring that the workers of today will have adequate provision in their retirement years. What we are seeking to do is a wonderful thing, but if we can make it that bit better and do it quickly, then more workers will ultimately benefit. That is inherently the argument I am making in the amendment. However, I have made my argument and the Minister will not accept my amendment. So be it.

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