News

Growth in the country’s service sector picked up in January as some firms reported a pick-up in trading conditions and consumer confidence following the lifting of almost all Covid-19 restrictions, a survey found today. The AIB IHS Markit Purchasing Managers’ Index (PMI) moved up to 56.2 in January from 55.4 in December. The rate of…

The unemployment rate rose marginally in January to 5.3%, up from 5.2% in December, new figures from the Central Statistics Office show today. When those on the Pandemic Unemployment Payment (PUP) are included, the rate moved up to 7.8% from 7.4% in December. This compares to a jobless rate of 27.1%, including those on the…

The qualifying age for the State Pension should remain at age 66, the Oireachtas Committee on Social Protection has recommended. In a report published today, the committee also calls for legislation to ban mandatory retirement clauses in employment contracts. And it is seeking flexibility to allow those with 40 years’ contributions to access their State…

The design and calibration of the mortgage lending rules need to be amended, an organisation representing the property industry here has argued. Property Industry Ireland (PII) claimed the current measures are outdated and need to be changed to reflect buyers’ what a household can afford to spend, not what their income is. The argument is…

The Government is to extend the Enhanced Illness Benefit (EIB), paid at €350 per week, until the end of June. This scheme is designed to support people who are diagnosed with Covid-19 or who need to self-isolate in line with HSE guidelines or the advice of a GP. In general, EIB is paid for up…

The Employment Wage Subsidy Scheme rates will be cut from today, but not for those companies impacted by Covid restrictions introduced in December. The subsidy rates will fall from a range of €203 – €350 a week to €151.50 – €203 a week depending on an employee’s salary. According to provisional statistics published by Revenue…

The manufacturing sector continued to grow in January, according to the latest AIB Purchasing Managers Index (PMI). The headline index picked up to 59.4 in January, from December’s nine-month low of 58.3. Readings above 50 indicate overall rises in activity. The index remains at an elevated level historically, with the January reading higher than in…

New guidance for workplaces has been published to reflect the recent relaxation of most public health measures. The Transitional Protocol eases many requirements on businesses but says good practices should be maintained. It is ten days since the Government announced the relaxation of most public health measures, and following engagement with business and unions it…

Record euro area inflation rates mean price pressures will top the agenda for European Central Bank policymakers meeting on Thursday. No immediate policy action is expected since the ECB in December laid out plans to wind up its €1.85 trillion pandemic stimulus scheme by the end of March. But price pressures remain strong and markets…

Half of firms are planning to raise basic pay for employees by an average of 4% this year, according to a survey of businesses and consumers by Bank of Ireland. A similar proportion of workers are expecting a pay rise of on average 3%, the bank’s Economic Pulse for January shows. It comes against the…