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.
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%.
The current population of Ireland is 4,803,748.
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 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:
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”.
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.
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.