Skip to content

Library of Knowledge

New Minimum Wage Rates from 1st February 2020

14th February 2020

New minimum wage rates came into effect from 1st February 2020.

These rates differ slightly from the 2019 rates and are purely age based and make no reference to the No. of years experience.

See Links: https://www.gov.ie/en/publication/41a981-the-minimum-wage-in-ireland/ https://www.citizensinformation.ie/en/employment/employment_rights_and_conditions/pay_and_employment/pay_inc_min_wage.html

Please check the following:

That all employees are being paid  their minimum wage.

That your labour costs and charges are reviewed based on any increases in wages..

Note: These rates do not apply to sectors covered by Employment Regulation Orders.

Employers PRSI Increase for Class AX PAYE Earners.

6th February 2020

Employers should note that the Employers PRSI threshold for class AX PAYE Earners has increased from 1st February 2020.
Ensure to review your labour costs and if necessary rework/pass on your labour charges on products and services to maintain your margins.
Reminder to also take into account the % increase from 1st January 2020.

From 1st January 2020 to 31st January Only

Employers PRSI Rates20202019
JO – Up to €37.990.5%0.5%
AO – €38 TO €3528.8%8.7%
AX – €352.01 to €3868.8%8.7%
AL – €386.01 to €42411.05%10.95%
A1 – More than €42411.05%10.95%

From 1st February 2020 to 31st December 2020

Employer PRSI Rate20202019
JO – Up to €37.990.5%0.5%
AO – €38 to €3528.8%8.7%
AX – €352.01 – to €3958.8%8.7%
AL – €395.01 to €42411.05%10.95%
A1 – More than €42411.05%10.95%

See link https://www.welfare.ie/en/pdf/Advance-Notice-for-Budget-2020.pdf

SBCI – Funding for SME’s & Farmers

30th January 2020

The Strategic Banking Corporation of Ireland (SBCI) are managing EU supported funding for SME’s & Farmers. These funds are largely unsecured and interest rates are low, between 3.5% and 4.5%.

There are 3 schemes, each of which has separate criteria:

  • Future Growth Loan Scheme
  • Brexit Loan Scheme
  • SME Credit Guarantee
    Unsecured up to €500,000

Applications are initially submitted via SBCI.

Once approved contact your selected bank for progression. BOI, AIB, KBC, and Ulster Bank are the banks linked to these schemes.

Note: BOI and AIB have seen huge demand and availability is now quite limited.

However, Ulster Bank (SME’s and Farmers) and KBC (SME’s only) have availability.

See Link https://sbci.gov.ie/

P60’s Replaced by Employment Summary Detail.

22nd January 2020

From 2019 P60’s are replaced by a Employment detail Summary available to all paye earners via their MyAccount.

See Link https://www.revenue.ie/en/jobs-and-pensions/end-of-year-process/employment-detail-summary.aspx

You may wish to forward this link to your employees.

Scroll To Top