The Irish government has approved a 12.4% increase in the national minimum wage for 2024 as part of the annual budget.

‌‌Key Points:

  • Ireland’s hourly national minimum wage will increase by €1.40 to €12.70 (about US$13.43) per hour in 2024.
  • The new minimum wage will take effect Jan. 1, 2024.

‌Additional Information: Since the implementation of the National Minimum Wage Acts of 2000 and 2015, experienced adult workers are guaranteed a statutory minimum wage. The majority of employees (including part time, casual and temporary) working under a contract of employment are entitled to this minimum wage. From 2026, the minimum wage will be replaced by a national living wage set at 60% of the median wage in any given year.

‌BAL Analysis: Businesses may see a slight increase in labor costs because of the new minimum wage. Employers should take the new wage minimum into account when planning their 2024 budgets.

This alert has been provided by the BAL U.S. Practice group.

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