COVID-19 and Potential Immediate Employment and Pension Related Considerations
COVID-19 is clearly having a major impact on businesses and employees with knock-on implications for pensions and other related benefits. The steps taken by employers to deal with the immediate effects of the crisis include reductions to employees’ salaries, temporary lay-offs and reductions in working hours.
These actions are occurring against the backdrop of significant supports from the State, including the Government’s Temporary COVID-19 Wage Subsidy Scheme, which can involve the State paying a temporary supplement of 70% of take home pay up to a maximum of €410 per week and other special unemployment payments for employees who have lost their jobs.
On Tuesday, 31st March 2020, Willis Towers Watson held a webinar on the overall pension implications of COVID-19. This covered a variety of topics including investment considerations, funding implications for DB schemes and the impact on and related communications to DC members.
