budget 2024

Businesses give thumbs up to budget but minimum wage hike to bite

The state had a significant war chest available and made sure to spend it, with two new state investment funds and a menu of targeted helps for various sectors

From the start of next year, the minimum wage will increase to a new level of €12.70 per hour, followed by further increases until the minimum wage rises to about €15 per hour; this policy shift will have a very significant impact throughout the labour market

By the time Michael McGrath, the Minister for Finance, and Paschal Donohoe, the Minister for Public Expenditure, had finished delivering their budget speeches last Tuesday, reaction was already beginning to flow from industry bodies and businesses groups.

Aside from the hospitality and banking industries, Budget 2024 was largely welcomed by business leaders as the government laid out plans to invest in the capacity of the economy over the coming years, while simultaneously introducing new supports ...