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Temporary Covid-19 Wage Subsidy Scheme
Yesterday, 24 March 2020, the Irish Government announced the Temporary Covid-19 Wage Subsidy Scheme which replaces the previous Covid-19 Refund Scheme. The scheme provides financial support for employees who are affected by the Covid-19 pandemic It will run for 12 weeks from 26 March 2020 and will be administered by the Revenue Commissioners.
The scheme applies to employers from all sectors suffering at least 25% decline in turnover due to Covid-19 Pandemic and who are unable to pay normal wages.
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The employer must keep the employees on their payroll and make this support payment through the payroll. The scheme applies to employers who top up their employees’ wages and also to those who are unable to do so.
Employers must not operate this scheme for any employee who is making a claim for duplicate support (e.g. Pandemic Unemployment Payment) from the DEASP.
Subsidy Payment
For an employee earning up to €38,000 per annum the scheme will provide for a subsidy payment of 70% of take home pay up to a maximum of €410 per week.
For an employee earning between €38,000 and €76,000, there is a cap on the subsidy payment of €350 per week per employee.
The Covid-19 Wage Subsidy Scheme is not available for those earning more than €76,000 per annum.
Income Tax, USC and PRSI will not apply to this subsidy payment.
Registering for the Temporary Wage Subsidy Scheme
No further action is required by any employers already registered for the previous Employer Covid-19 Refund Scheme
Employers wishing to register must apply for the scheme through My Enquiries via ROS.
- Log on to ROS myEnquiries and select the category ‘Covid-19: Temporary Wage Subsidy’.
- Read the “Covid-19: Temporary Wage Subsidy Self-Declaration” and press the ‘Submit’ button.
- Ensure bank account details on Revenue record are correct. These can be checked in ROS and in ‘Manage bank accounts’, ‘Manage EFT’, enter the refund bank account that the refund is to be made to.
Self-Employed
The self-employed will be eligible for the Covid-19 Pandemic Unemployment Payment of €350 per week.
Latest guidance and support
With Government advice being updated daily, we will be keeping this dedicated Business Support Centre and our social media channels refreshed as and when relevant.
Our dedicated teams are monitoring the situation closely, but should you require any further information, please do not hesitate to contact a member of our tax team if you need any assistance operating the scheme.
Stay Home. Stay Safe.
