Plans are currently underway in Ireland to generate 80,000 new paid roles in the country by using money from the National Pensions Reserve Fund (NPRF).

According to the Sunday Times, the government plans to seek approval to make use of the money from the European Union and the International Monetary Fund (IMF).

The newspaper has cited sources reporting that the funds are being seen as a more appropriate option for creating employment than selling off public assets because of the current weakness of the market.

A total of €5 million is being targeted for the employment stimulus plan, the news source claims, with the investment expected to be spent on infrastructure developments.

Launched in April 2001, the NPRF was intended to build up assets to assist the government with meeting the costs of public service pensions from 2025.

Some of the cash has already been allocated towards the agreed bailout of the Irish economy and the recapitalization of the country's banking industry.

Posted by Alex Donnell