Noel O'Donovan (Fine Gael)

I thank the Cathaoirleach for his kind words on my marriage. I got a new job in recent weeks and have probably the most important work of my life ahead. I also thank colleagues for their kind wishes. On a sadder note, this is my first time back in the Chamber since my colleague Councillor Patrick Gerard Murphy passed away in west Cork. I want to put on record my appreciation for the work he did in west Cork. He did politics the right way. He worked behind the scenes with officials and long before there was a formalised coalition between Fianna Fáil and Fine Gael, that is the way it worked in west Cork. He was acknowledged by my colleague Senator Murphy O'Mahony last week. We lost a good man in west Cork.

I am glad to speak in the Seanad today on an issue that affects so many workers in Ireland but that we do not talk about often enough, namely, retirement security. I look at this issue through three different lenses from my experience as an employee, an employer in a family business and now as a legislator determined to support fair, balanced and sustainable public policy. Employees across this country contribute so much to society and it is essential that retirement not be a worrying or complicated process. The new auto-enrolment pension scheme is crucial in helping employees to secure their future without the bureaucracy that can sometimes come with pensions. As has been mentioned, this reform will support over 800,000 people to save for their retirement. At present, there is a significant pension coverage gap in Ireland, with many workers not part of any scheme. Auto-enrolment will play a major role in closing that gap. This is about fairness by ensuring workers have access to a simple and efficient way to save for their retirement.

The Government will continue to work with employees and employers to support people in later years. I acknowledge the work of the Minister, the officials in his Department and the work of the previous Minister, Deputy Humphreys, who drove this reform with great determination. Both Ministers were dedicated to ensuring that workers across the State would be recognised for all they had done and could look forward to retirement with dignity, clarity and confidence. This reform is long overdue. Until now, Ireland has been one of the only countries in the OECD without a mandatory auto-enrolment pension system. Auto-enrolment represents an investment by the individual, the employer and the State in the long-term well-being of workers across Ireland. It is pro worker and pro enterprise and a system that I am immensely proud to support.

Concerns have been expressed by some in the business community. The scheme is strongly pro worker but we have to acknowledge the concerns raised by the business community. Ireland's small business sector is an important cornerstone of our economy, community and societal well-being. Our SME sector is experiencing strain from a combination of factors that have been well documented. For many employers, particularly small and family-run businesses like my own, there are natural worries about the cost of pension contributions and the additional administrative responsibilities that auto-enrolment will bring, but this is good policy. We have to step forward and introduce this scheme because it is the right thing to do. There are genuine concerns and they should not be dismissed, and as part of the budgetary process, I am sure this Government will support businesses to work through the current difficulties they face.

It is important that we proceed with auto-enrolment and see it not just as a cost, but as an investment. It is an investment in the long-term financial well-being of employees, in workplace stability and in building trust between employers and their staff. A workforce that feels secure about its future is a more motivated and productive workforce. By sharing responsibility across employees, employers and the State, this scheme is carefully balanced. Employers are not being asked to carry the burden alone. Instead, they are playing a vital role in a partnership that benefits society as a whole. This is why, despite understandable initial reservations, this is a reform that the business community can stand behind. It is about building a stronger, fairer Ireland where both workers and businesses thrive. The new My Future Fund acknowledges that both employers and the State must play a role in retirement security. It is a progressive and modern reform that puts the employee first and brings much-needed clarity to the retirement process. This reform ensures that after a lifetime of work, people can retire with dignity and security. Auto-enrolment is not just a policy; it is fairness in action and I am happy to support its introduction.