The pandemic has led to employers halting pension savings for a large number workers. Others have seen contributions to their retirement plan being reduced by their employer, a survey shows.

Overall, one in four pension savers in this country have seen their pension contributions stopped by their employer or reduced since the Covid-19 outbreak. Younger workers are most likely to have seen their pension savings impacted.

The pandemic has also prompted large numbers of Irish people to consider retiring early, according to a survey conducted by investment firm State Street Global Advisors.

The survey shows that employees aged 18-24 have been disproportionately impacted by the Covid-19 pandemic – 47.5pc have seen a reduction in working hours.

Younger people have been particularly hard hit when it comes to pension contributions, for those whose employer is contributing to their retirement plan.

The State Street survey found that 11pc of all employees said their employer had stopped making pension contributions during the Covid crisis. Another 15pc said the employer had reduced the contributions.

This means that overall one-fifth of Irish pension-savers have seen their pension contributions stopped or reduced to retirement saving plans by their employer during Covid-19 outbreak.

However, the survey found that 30pc of staff agreed that their under-pressure employer should stop contributing to their employment plan.

Around half of the workforce was on the Pandemic Unemployment Payment or a wage subsidy at the peak of the crisis in April last year.

The State Street survey shows that 58pc of respondents say their employment situation has been impacted by the pandemic.

This includes reduced pay, with others forced to work longer hours. Large numbers have also being put on reduced hours, with others off work.

Alistair Byrne of State Street Global Advisors said the younger generation has felt the impact in reduced working hours.