John Levy, general secretary of the Union of Clerical, Administrative & Supervisory Employees (UCASE) is urging the government to increase the amount of money that older people may contribute to their pensions tax-free to 30 per cent, from the current 20-per cent.
He argues that this will enable them to have access to more funds when they retire in order to deal with the high cost of living.
Mr. Levy argues that the hardships some pensioners are experiencing, due to the increases in the cost of living, makes this adjustment necessary.
Peta Rose-Hall, managing director of BPM Financial is also encouraging workers to begin contributing to their pensions from the first day they start working in order to benefit from the time value of money.
She adds that this is because the earlier they start to save for retirement, the more money they will be able to accumulate.
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