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Useful facts and stats about living and working in Ireland

Average industrial salary:

According to the CSO Yearbook Of Ireland 2016, the average wage is €45,075 for someone working full-time and €16,332 for those on part-time hours. The average wage has increased over the past year, with the biggest rise affecting information and communication jobs. According to the CSO Yearbook Of Ireland 2016, the average wage is €45,075 for someone working full-time and €16,332 for those on part-time hours. The average wage has increased over the past year, with the biggest rise affecting information and communication jobs.  Pay levels in this sector have risen by 4.7 per cent to an average of €56,000.The accommodation and food services sector had the lowest weekly wage, which stood at €327.13.

 
National Minimum Wage:
Since 1 January 2017, the national minimum wage for an experienced adult employee is €9.25 per hour. An experienced adult employee for the purposes of the National Minimum Wage Act is an employee who has an employment of any kind in any 2 years over the age of 18.
For someone working 39 hours a week on the minimum wage –  their take home pay from January 2017 will be €344 a week. This is a €4 per week increase  compared to 2016. According to the Central Statistics Office, around 73,000 workers – or  4.7% of the Irish workforce – were being paid the adult minimum wage  in June 2014. Minimum Wages in Ireland increased to 1563.25 EUR/Month in 2017 from 1546.35 EUR/Month in 2016. Minimum Wages in Ireland averaged 1332.07 EUR/Month from 2000 until 2017, reaching an all time high of 1563.25 EUR/Month in the second quarter of 2017 and a record low of 944.71 EUR/Month in the second quarter of 2001.
 
 
Rate of unemployment:
Irish seasonally adjusted unemployment rate fell to 6.4 percent in March 2017 from 6.6 percent in the previous month and 8.3 percent in the same month of the previous year. It was the lowest jobless rate since June 2008, as the number of unemployed continued to decline. Also, youth unemployment rate fell to 13.9 percent, the lowest since July 2008, from 14.5 percent in the previous month. Unemployment Rate in Ireland averaged 10.83 percent from 1983 until 2017, reaching an all time high of 17.30 percent in December of 1985 and a record low of 3.70 percent in December of 2000.  (http://www.tradingeconomics.com/ireland/unemployment-rate)
 
 
Rate of Inflation:
Current inflation Ireland (CPI Ireland): as of March 2017: 0.70%. Current harmonised inflation Ireland (HICP Ireland): as of February 2017: 0.30%  (http://www.inflation.eu/inflation-rates/ireland/inflation-ireland.aspx)
 

Tax overview:

Most employees in Ireland pay tax through the PAYE (Pay As You Earn) system. This means that your employer deducts the tax you owe directly from your wages, and pays this tax directly to the Revenue Commisioners. You will also have to pay PRSI and the Universal Social Charge on your income. Tax credits reduce the amount of income tax that you have to pay. Your gross tax is calculated depending on your income. Tax credits are then deducted from the gross tax to give the amount of tax that you have to pay. Income tax bands will determine the rate of tax you pay on your income or salary. There are two rates of tax in Ireland: 20% on the first €36,400 earned, 41% on the remainder of your salary.  However a large proportion of central government tax revenue is also derived from value added tax (VAT), excise duties and other taxes on consumption. In general Ireland’s PAYE tax rates are low as compared to other European countries,  however there are other taxes and charges that would probably Ireland up to the European average for total taxation, such as VAT @ 23% for many commonly purchased items, household tax etc. The standard rate of corporation tax is among the lowest in the world at 12.5%.

As well as Income Tax – most workers in Ireland also have PRSI and USC deducted from their pay. USC is a more recent tax on income –  introduced in 2011 as one of the austerity measures after the collapse of the Celtic Tiger. It was reduced slightly from Jan 1st 2017.
For private sector employees – the majority pay PRSI at 4%. Since 2013 – if you pay PRSI it is now charged on all income (previously PRSI was not charged on the first €127 a week.)
People earning under €18300 a year don’t pay PRSI. On an annual basis – for someone working 39 hours a week on the minimum wage comes to  €18759 – which gives a take home pay of €17876 a year or  €1490 a month or €344 a week.There is more information available on the Revenue’s website at www.revenue.ie.

 

Population:  

The current population of Ireland is 4,741,825 as of Monday, April 17, 2017, based on the latest United Nations estimates. 64.8 % of the population is urban (3,079,639 people in 2017). The median age in Ireland is 37.3 years.

 
Employment bodies in Ireland:
In Ireland the Department of Enterprise, Trade and Employment is the body responsible for employment matters, their website is www.entemp.ie. They have responsibility for the development of enterprise, employment promotion, trade development, protection of workers and business regulation. The Department of Jobs, Enterprise and Innovation are the only body authorised to issue employment permits on behalf of the Minister for Jobs. The current Minister for Jobs, Enterprise and Innovation is Mary Mitchell O'Connor, TD.
 
 
Mortgages:
The Standard Variable Mortgage rates in Ireland in April 2017 variee from rates of 3.3% to 3.9%.

 

Public Holidays:

In Ireland, public holidays are on the 1st January (New Year’s Day), the 17th March St Patrick’s Day), Easter Monday, the 1st Monday in June and August, the last Monday in October, and Christmas public holidays are the 25th of December (Christmas Day), the 26th December  (St. Stephen’s Day/Boxing day). An employee in Ireland is entitled to 4 working weeks paid holidays per annum.

 

Redundancy in Ireland:

The amount of the Redundancy payment is determined by the employee's length of continuous service and weekly earnings. Currently, the maximum weekly amount for a statutory redundancy payment is €600. If an employee is eligible for a Redundancy payment, they are entitled to two weeks pay for each year they have been employed and a bonus week's pay. If an employee has worked part of a year, they are entitled to two weeks multiplied by the part of the year they have worked. Breaks in service may be taken into account when a statutory redundancy payment is being calculated, though any breaks are only relevant. You can calculate your redundancy here: https://www.welfare.ie/EN/Secure/Pages/RedundancyCalculator.aspx

 

Brexit:

Brexit is a commonly used term for the United Kingdom's planned withdrawal from the European Union. Following the 2016 referendum vote to leave, the UK government started the withdrawal process on 29 March 2017, putting the UK on course to leave by April 2019. As Ireland and Britian have very close links and are significant trading partners, Brexit will likely have a major impact on the Irish economy.Troika: 

 

Troika:

This refers to the presence of the European Union, European Central Bank, and International Monetary Fund and the financial measures that the Irish government has been forced to take due to the collapse of the “Celtic  Tiger”.

 

Celtic Tiger:

This refers to a widely used term which was used to describe the economy of the Republic of Ireland during a period of rapid economic growth between 1995 and 2007. It was to a certain extent driven by the construction sector and the availability of cheap loans.

 

NAMA:

The National Asset Management Agency (NAMA) was created by the Irish Government in 2009 following the collapse of the construction sector and the subsequent crisis in Irish banking and economic circles. NAMA functions as a "bad bank", acquiring property development loans from Irish banks in return for government bonds, primarily with a view to improving the availability of credit in the Irish economy. The original book value of these loans is €77 billion. Its objective is to obtain the best achievable financial return for the State on this portfolio over an expected lifetime of up to 10 years. Nama runs banks, hotels and is involved in selling property as part of this activity.

Date Posted:
2017-04-19 11:54:03

Posted By:
philip@pbrecruitment.ie



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PBRecruitment Ltd, Roselawn House, National Technology Park, Limerick, IRELAND.
PBRecruitment Ltd is a trading name of Philip Brady Recruitment Ltd, and is registered in Ireland as a private limited company (registration  No. 485423).