Pensions update: CWPS Rates to increase on 1st February 2023

The Construction Workers' Pension Scheme (CWPS) is an industry-wide, occupational pension scheme providing pension solutions for employees in the construction and related industries. The scheme provides economic pension and protection benefits to both employees and employers.

The CWPS is designed to ensure a level of saving for construction workers and their families, upon retirement. CWPS has over 50,000 active members who are employed by over 7,500 employers, and is one of the largest private pension schemes in Ireland.

An increase in the weekly rates will take effect on 1st February 2023 as agreed in the Sectoral Employment Order. The employer contribution total increases by 57 cent from €31.09 to €31.66 and the employee’s contribution total increases by 40 cent from €20.90 to €21.30.

The new weekly rates, taking effect from February 1st, 2023, are as below:

1. Pension Contribution Employer: €29.22
2. Pension Contribution Employee: €19.50
3. Life Assurance Contribution Employer: €1.17
4. Life Assurance Contribution Employee: €1.17
5. Sick Pay Contribution Employer: €1.27
6. Sick Pay Contribution Employee: €0.63
7. Total Employer Rate: €31.66
8. Total Employee Rate: €21.30

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 will remain the same as the current rates.