unemployment Archives - Pat Carroll PCCO - Chartered Accountants & Tax Advisors

Covid-19 unemployment support payments to be increased to €350

The Government is to increase the Covid-19 Pandemic Unemployment Support payment for people who have been laid-off due to the virus from €203 to €350. 

The payment will also apply to the self-employed affected by the virus.

However, people who are already unemployed due to reasons other than Covid-19 will remain on the usual Jobseekers’ Benefit of €203.

The cabinet has also approved an emergency wage subsidy scheme under which the Government will pay 70% of a workers salary up to a cap of €410 per week net – equivalent to the after tax income of a worker on around €38,000. 

Workers earning between €38,000 and €76,000 will be entitled to assistance capped at €350, while workers earning above €76,000 will be excluded from the scheme. 

The scheme costing an estimated €3.7 billion will initially run for 12 weeks, and employers will be free to top-up the government’s element of the salary. 

The scheme is targeted at companies hit by the collapse of economic activity triggered by Covid-19 – and employers seeking to avail of it would have to demonstrate a reduction in income of at least 25%, along with cash flow difficulties. 

It is understood that the aim is to keep employees and employers connected, and make it easier to restart businesses when the crisis ends.

In addition, it was feared that the entitlement of workers on lay-off to demand redundancy payments after four weeks without work in certain circumstance could trigger a tsunami of redundancy claims, payment of which could have driven some businesses to collapse.

In that instance, the state would have picked up the responsibility to pay statutory redundancy of 2 weeks wages per year of service capped at €600 per week.

Informed sources said the scheme will be administered by the Revenue Commissioners, and there will be control checks.

The estimated cost of the wage subsidy scheme is between €3.5 and €4 billion. 

It is hoped that payments will continue to flow possibly as early as next week. 

Director of CIPD Ireland Mary Connaughton said themeasures announced this afternoon will give much needed support for those who have lost, or at risk of losing, their jobs.

“The Government plan to pay 70 per cent of a workers’ salary – up to maximum of €410 per week – where a company in difficulty agrees to continue paying the remainder of the salary, is also to be welcomed,” she said.

Ms Connaughton said the Government now needs to consider how businesses, especially SMEs, that have already laid off staff, can take advantage of the wage subsidy scheme to re-engage and support their staff, and stay afloat.

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Unemployment edges up in January – CSO

The unemployment rate rose slightly in January, according to the Central Statistics Office, but continues to fall on an annual basis.

The seasonally-adjusted rate stood at 4.8% last month – up 0.1 percentage points compared to December.

However it is 0.3 percentage points lower than the rate recorded in January 2019.

Last month the seasonally-adjusted number of people unemployed was 120,200, which is 3,300 higher month-on-month but 4,000 lower over the year.

Meanwhile there were 36,200 under 24s unemployed in January, giving a youth unemployment rate of 11.8% in the month.

That is up 2,800 (0.7 percentage points) on December but 500 (0.6 percentage points) lower year-on-year.

According to the CSO the unemployment rate for males was 5% in January, while the female rate stood at 4.6%.

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Unemployment rate unchanged at 4.8% in December – CSO

The unemployment rate remained unchanged at 4.8% in December to stay at the lowest level in almost 13 years, new figures from the Central Statistics Office show. 

The jobless figure has been steady at 4.8% for three months in a row.

Today’s CSO figures show that the seasonally adjusted number of people who were unemployed stood at 119,000 in December, up from 117,900 in November.  

But when compared to December 2018, there was an annual decrease of 12,900 in the seasonally adjusted number of people who were without a job.

The CSO figures also show that the seasonally adjusted jobless rate for men in December was 5.4%, up from 5.3% in November, while the unemployment rate for women was 4.2%, unchanged from November.

They also reveal that the seasonally adjusted youth unemployment rate edged up to 12.6% in December from 12.5% the previous month.

The CSO unemployment data has been subject to sharp revisions in both directions in recent quarters.

An original estimate that the rate had fallen to a low of 4.5% in June was marked sharply up following the release of more detailed data.

The jobless rate in December was down from 5.5% the same time last year as the European Union’s fastest growing economy approaches full employment, where just about everyone who wants a job has one.

Pawel Adrjan, economist at global job site Indeed, said that despite the pause in December, the Irish labour market ended the year in an extremely strong position, with no indication that the employment boom is set to slow in 2020. 

But he said that the downside risk of Brexit remains given the strength of Ireland’s trading relationships with the UK. 

Pawel Adrjan also said a key challenge in these good times of low unemployment remains finding workers for open vacancies. 

He said that analysis by Indeed and the Central Bank showed that many high-skilled roles in healthcare, finance and engineering suffer from a dearth of talent relative to high demand from employers. 

According to the economist, the silver lining for employers and recruiters is that Ireland remains attractive to foreign jobseekers. 

“The UK election could also spur further migration to Ireland from the UK, with Indeed research showing that in the immediate aftermath of the result UK jobseeker searches for new roles in Ireland rose 44%,” he added.

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Unemployment rate dips to 5.2% in August – CSO

Unemployment rate dips to 5.2% in August – CSO

The unemployment rate fell marginally in August, according to the latest figures from the Central Statistics Office.

The latest monthly unemployment figures show unemployment at 5.2%, down from 5.3% in July.

The CSO said there were 126,000 people unemployed last month, down 6,400 compared to August last year.

Last week the CSO revised the unemployment figures for June and July upwards based on the results of its Labour Force Survey.

Unemployment data been subject to sharp revisions in both directions in recent quarters.

An original estimate that the rate had fallen to a near 14-year low of 4.5% in June was marked sharply up by the CSO last week following the release of more detailed data.

Today’s CSO figures show that the seasonally adjusted unemployment rate for men was 5.4% – down from 5.6% in August of last year. The jobless rate for women was 5.1% compared to 5.5% in August of last year.

Commenting on the CSO figures, Pawel Adrjan, economist at global job site Indeed, said there is still strong competition to hire staff, especially in areas with skills shortage such as finance, engineering, pharmaceuticals and technology.

“Whilst we may see further declines the rate cannot go down infinitely, and we are getting closer to a level that may be viewed as full employment,” the economist said.

Pawel Adrjan said that Ireland is increasingly looking to attract workers from overseas to fill new roles, with 43% of the growth in employment over the last year was driven by non-Irish nationals.

“The UK remains the biggest source of overseas interest in Irish tech jobs, and the increasing drumbeat of negativity around Brexit may make internationally mobile UK-based tech workers more likely to look for opportunities in countries like Ireland,” he said.

Despite the fact that fears of Brexit could help Ireland attract workers looking to leave the UK, the economist said the more serious risk is of the economic shock a no-deal Brexit could cause for Ireland.

“Instability and likely recession in our nearest neighbour and most important export market will almost certainly put pressure on the current benign labour market situation,” the economist cautioned.

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Unemployment rate remains at 5.4% in April – CSO

Unemployment rate remains at 5.4% in April – CSO

New Central Statistics Office figures show that the country’s unemployment rate remained at an 11-year low of 5.4% in April.

The CSO said the seasonally adjusted number of people who were without a job stood at 129,700 in April, a decrease of 10,200 when compared to the same month last year.

The unemployment rate has fallen steadily from a financial crisis peak of 16% in 2012. It had provisionally dropped as low as 5.1% last year but the figures have since been subject to a series of quarterly revisions.

Today’s CSO figures show that the unemployment rate for men in April fell to 5.2% from 6% the same time last year, while the rate for women fell to 5.5 from 5.7%.

They also reveal that the seasonally adjusted youth unemployment rate fell to 12.8% in April from 13.5% in March.

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