According to calculations made by Canada Life, the proposed changes per the National Recovery Plan will mean reductions in pay by 2014 as follows:-:
Single person earning €55,000 p.a.
Take home pay will be reduced by €1,860 per annum (€36 per week) or 4.8%.
Married one-income family earning €55,000 p.a.
Take home pay will drop by €2,310 per annum (€44 per week) or 5.4%.
For those making tax relieved pension contributions, net income would fall a further 2.5% at this income level in the private sector.
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