THE MINIMUM WAGE is set to increase by €1.40 per hour, the Government has announced.
Finance Minister Michael McGrath revealed in his Budget 2024 speech this afternoon that the wage will rise by 12% to €12.70 per hour.
The minister said that the increase would ensure that lower-paid workers remain outside higher rates of the Universal Social charge.
The proposed increase will be introduced on 1 January 2024, alongside changes to PRSI and USC.
The current minimum wage is €11.30 per hour and last increased by 80c in 2022.
The latest increase is in line with a recommendation with the Low Pay Commission, which recommended a €1.40 rise in July.
The Irish Small and Medium Enterprise Association (ISME) warned at the time that the increase would add to the strain on businesses, including as a result of other government initiatives.
However, the rise is still less than the recommended €14.80 National Living Wage, which is promoted by campaigners who say that it is the amount required to enable Ireland’s lowest-paid workers to have a minimum acceptable standard of living.
You can find full details of today’s Budget announcement in our roundup here.
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