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Update on Temporary Wage Subsidy Scheme
On Wednesday 15 April, the Minister for Finance Paschal Donohoe announced a number of changes to the Temporary Covid-19 Wage Subsidy Scheme which will apply to payrolls with a pay date on or after 4 May. The headline change is an increase in the temporary wage subsidy from 70% to 85% for those earning less than €24,400 per annum. The aim of this increase is to maximise staff retention and to reduce the number of employees being laid off and claiming the Covid-19 Pandemic Unemployment Payment of €350 from DEASP.
Click the Image below to download a Summary of the Scheme Changes & New Rates Applicable
If you require any further information on any aspect of the UK Government, NI Executive and Irish Government COVID-19 related financial support packages for businesses, please do not hesitate to contact us via telephone or e-mail via your normal FPM contacts.
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From 16 April, the scheme has been extended to include employees with a pre-Covid-19 salary of €76,000 per annum, and with a post-Covid-19 salary below €76,000. A tiered arrangement will apply to these employees with a maximum subsidy payment of €350.
We are here to support the business community operating across the island of Ireland through the COVID 19 pandemic and will endeavour to bring you the information needed to help sustain your business.
