SME’s face 36% surge in costs due to changes in minimum wage and pension entitlements

Excel Recruitment has warned the government needs to introduce supports for businesses to help them absorb rising costs over the coming years

Excel Recruitment has warned retail and hospitality businesses will struggle to absorb the looming hike in employment costs

New measures being introduced by the government to increase entitlements and benefits to workers will significantly increase costs for employers, according to an analysis by recruitment company Excel Recruitment.

The government’s plan to increase the minimum wage to €15 per hour by 2026, combined with new mandatory sick pay entitlements and pension auto-enrolment will cost SMEs an additional €4.06 per hour, according to the analysis.

Over the next two years, Excel Recruitment expects wage costs ...