Tánaiste and employment minster Leo Varadkar has received government approval to accept the recommendation of the Low Pay Commission to increase the National Minimum Wage to 11.30 per hour from 1 January 2023.
This represents an 80 cents increase, or 7.6%, on the current National Minimum Wage of 10.50 per hour and will see an estimated 165,000 people get a boost to their wages courtesy of their employer.
For someone on the minimum wage working a 39-hour week, this translates to a pay increase of 31.20 per week or more than 120 per month, or 1,600 per annum.
The Tánaiste also announced that the Low Pay Commission has set an indicative National Living Wage for 2023 of 13.10 per hour.
The intention is to phase in the Living Wage between now and 2026 when it will become mandatory. In the meantime, it will be revised annually as a benchmark for employers.
The Tánaiste also announced that he will commence the Sick Leave Act on 1 January 2023. This Act will introduce an entitlement for all employees to sick leave paid by their employer in addition to illness benefit from the state.
Small Firms Association (SFA) director Sven Spollen-Behrens said that costs for small business owners are at a never seen before high, so it is disappointing that government is now adding to these by imposing a further increase in the NMW.
“A minimum wage increase would be on top of the existing significant cost pressures facing small firms. Energy, transport, insurance, materials, technology, and...
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