1 minute read
Without Government intervention or support, we can expect significant difficulties
Hello readers,
Some of you are in business peak, while others are drawing breath before return to post holiday working in September. Most of you however are expressing concern about the adjustments to payroll which have occurred this year and which will increase again in 2024:
Advertisement
• St Brigid’s day bank holiday (introduced 2023)
• Low Pay Commission recommendation of a 12.4% increase in the National Minimum Wage
• Three days Statutory Sick Pay rising to five days in January, seven days in 2025 and ten days in 2026
• 1.5% pension auto-enrolment cost
• Gender pay gap reporting (150 employees in 2024, 50 employees in 2025)
• 9% VAT reverting to 13.5%.
We understand that much of the NMW legislation is driven from Europe, however Ireland already has very average wages due to a well-paid public service and a large multinational sector. Expecting SMEs to compete with those wage rates is unrealistic.
Without Government intervention or support, we can expect significant difficulties to arise in the childcare, nursing home, personal grooming, retail, leisure, hospitality, and fallen animal collection sectors. We must also alert the public to unavoidable services and food price inflation coming their way in January.
You may have seen our call on the Ministers of Finance and Communications to take measures to prevent invoice redirection and to prevent scam calls texts and emails. We have heard nothing yet, but we will keep you informed.
Unfortunately, these scams are becoming more regular, and we continue to hear back from members about the latest fraud perpetrated against them. They are increasingly sophisticated, so we ask you to be really vigilant and to keep your staff on alert.
Don’t forget − If you need money, use the ISME FINANCE FINDER! This has access to all funders in the market, and you can seek the best cost of finance there. Never more important than now as interest rates are on the rise.
Lastly, a date for your diary: please put the afternoon of Friday 17th November in your diary to celebrate ISME’s 30th anniversary. Following a survey of members’ preferences in July, we will hold our anniversary lunch in Clontarf Castle. This will be a big event, with Ministerial and guest attendance, and you are invited to bring your staff as an early Christmas function. All are welcome, members and non-members, although member discounts will apply. PLEASE KEEP 17TH NOVEMBER FREE IN YOUR DIARY!
Yours in business,
Neil McDonnell ISME CEO
