Minimum Wage Increase
Budget 2017 has made for interesting reading right across the board. A key point for small employers will be the increase to minimum wage.
From 1st January 2017, the national minimum wage will increase by 10 cent, from €9.15 per hour to €9.25 per hour. This announcement is in-line with the recommendation given by the Low Pay Commission earlier this year.
As of 1st January 2017, the following will be the applicable hourly minimum rates:
- Experienced adult worker: €9.25
- Over 19 with less than 2 years since beginning first job: €8.33
- Over 18 and less than 1 year since beginning first job: €7.40
- Aged under 18: €6.48
Some of the other budget announcements likely to affect small businesses include:
- Changes to USC rates
- Increase to the Earned Income Tax Credit for small business owners
- Entrepreneur Relief: a reduction to 10% in the capital gains tax
- 9% VAT rate for tourism to continue to apply
Thesaurus Software is holding a Free Budget Update Webinar on 18th October. If you are looking for a concise breakdown of how Budget 2017 will affect your business register here.
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