Yesterday the Department of Employment Affairs & Social Protection announced an update to the Temporary Wage Subsidy Scheme to ensure greater staff retention and links between employer and employees.
👉 Employees with net pay less than €586 per week (€38,000).
For those employees with previous average net pay less than €412 per week (equivalent to almost €24,400) the subsidy will be increased from 70% to 85% of their previous net weekly pay.
👉 Where an employer wishes to pay a greater level of top-up - beyond the outstanding 15% of previous pay- (in respect of employees with net pay less than €412 per week) in order to bring the employee’s pay to €350 per week then tapering would not be applied to the subsidy.
👉 There are no changes in respect of those whose previous average net pay was between €500 and €586 per week (equivalent to €31,000-€38,000), who will continue to receive a subsidy of up to 70% of previous net income, up to a maximum of €410 per week.
👉 These changes mean that more employees will now receive a subsidy of €350 per week, and those with previous net pay below €412 per week will now receive a greater level of subsidy.
👉 The wage subsidy is now available to support employees where the average net pre-Covid salary was greater than €76,000, and their gross post-Covid salary has fallen below €76,000