Ireland's Small Businesses Fear Minimum Wage Hike
Small businesses in Ireland are expressing concern over the planned increase in the national minimum wage. According to Isme, the representative body for small and medium enterprises, the rise could be 'devastating' for these businesses.
The minimum wage is set to increase by 65 cent, an increase of just under 5 per cent, bringing it to €14.15 per hour. This would raise weekly pay from €526 to €551.85, and annual salary to €28,696. However, Isme argues that the minimum wage should not be used to address cost of living pressures, as it falls significantly when measured by purchasing power due to high costs in Ireland. Neil McDonnell, chief executive of Isme, has expressed concern about the potential loss of corporation tax revenue due to threats from US President Donald Trump. He warns that further increases to business costs could harm small businesses, many of which employ people on the minimum wage in sectors like retail, hospitality, and services.
With up to 200,000 people in Ireland earning the minimum wage, the planned increase could have significant impacts. Small businesses, which employ many of these workers, are urging the government to reconsider the rise in the upcoming budget. They argue that the minimum wage should not be used to address cost of living pressures, but rather targeted supports for low-income earners.
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