As we step into 2024, Irish employers are facing significant payroll changes.
From increases in minimum wage to income tax changes, and the implementation of Enhanced Reporting Requirements, it’s crucial for businesses to stay informed and prepared.
- Increase in Minimum Wage:
Since January 1, 2024, the standard minimum wage has risen by €1.40 to €12.70. This increase means an additional €55 per week in basic pay for someone working a 39-hour week.
- Income Tax Changes:
The threshold for the top rate of income tax has risen by €2,000 to €42,000. This change will see a single person on a salary of more than €42,000 see their annual income rise by €400.
- Increased Statutory Sick Pay and Parental Leave:
Employers need to account for these additional entitlements in their payroll.
- Pension Auto-Enrolment:
The setting up of pension auto-enrolment is another significant change that employers need to prepare for.
- Implementation of Enhanced Reporting Requirements:
Employers need to ensure their payroll software is updated to meet these new requirements.
Staying informed and prepared for these changes is key to ensuring a smooth transition into the new fiscal year. Need advice, contact us at info@itasaccounting.ie or call 01 5397999.