Changes to the Temporary Wage Subsidy Scheme
Minister Donohoe (Wednesday April 15) announced some further changes to the Scheme which apply to those earning less than €500 per week (approx. €31,000) as well as those earning in excess of €586 per week (€38,000).
Employees with net pay less than €586 per week (€38,000)
Employees with previous average net pay up to €412 per week (equivalent to almost €24,400).
Change: The subsidy will be increased from 70% to 85% of their previous net weekly pay.
Employees with previous average net pay between €412 and €500 per week (equivalent to €24,400-€31,000).
Points to Note
Tapering would not be applied to the subsidy.
Up to a maximum of €410 per week.
Employees with net pay in excess of €586 per week (€38,000)
The maximum subsidy payable for this category remains €350 per week. The tiered approach takes into account both the amount paid by the employer and the level of reduction in pay borne by that employee as follows:
|Gross amount paid by employer: Subsidy:
Up to €350 per week
Up to €205 per week
No subsidy payable
Points to note:
Tapering of the subsidy will apply to all cases where the gross pay paid by the employer and the subsidy exceed the previous average net weekly pay.
This is calculated by subtracting the amount paid by the employer from the previous average net weekly pay. This is to ensure that no employee would be better off under the Scheme.
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