Up to one million workers with no pension face the prospect of being forced to take one out for the first time.
The Department of Social Protection will reveal the details of a new OECD report later which is expected to recommend that all Irish workers hold a mandatory pension.
It's understood OECD officials believe that compulsory private pensions are the least costly and the most effective way of dealing with the pension crisis.
It's not yet known how much of their salaries, workers will be asked to contribute. But it's recommended that the level needs to be a minimum of 5% each for employer and employees for people to get anywhere near achieving a pension of 50% of their final salary.
But Chief Investment Officer of the Corporate Pensions group, IFG, Samantha McConnell believes such a scheme should be brought in gradually:
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The report will be launched in the National Gallery this afternoon.
The OECD report is also expected to recommend means-testing the free travel scheme and the fuel allowance.
Personal Finance Editor with the Irish Independent Charlie Weston says the report looks at two options to deal with the pension crisis in Ireland:
