Covid-19 tips for both employers and employees
DECLAN McEvoy, the Head of Tax for Ifac, is providing helpful advice for Wicklow employers and individuals in the farming, food, and agribusiness sectors about the Covid-19 Temporary Wage Subsidy Scheme, Pandemic Unemployment Payment, and the importance of making a Will.
He says: ‘Since the outbreak of the Covid-19 pandemic, the government has introduced various measures to support individuals and businesses who have lost their income due to the current crisis. Among these measures is a Covid-19 Temporary Wage Subsidy Scheme (TWSS) to support employers so that they can retain their employees and a Covid-19 Pandemic Unemployment Payment to support individuals who have been laid off or lost their income.
‘ The Covid-19 Temporary Wage Subsidy Scheme operated by Revenue, is open to employers who have been adversely impacted by the Covid-19 crisis. Employers must have suffered at least a 25 per cent decline in turnover. Payments are based on each employee’s normal net weekly pay and are subject to certain limits. The subsidy is capped at €410 for average net pay from €0 to €586, and at €350 for average net pay from €586.00 to €960.00. Where average net pay is above €960, the subsidy is not available. The purpose of the scheme is to enable employers to retain their links with employees so that their business can recover quickly when the current crisis ends.
‘ The Covid-19 Pandemic Unemployment Payment is a social welfare payment of €350 per week. It is available to employees and the self-employed who have lost their job on (or after) March 13 due to the COVID-19 (Coronavirus) pandemic. To qualify, you must be aged between 18 and 66 years old, live in the Republic of Ireland, have lost your job due to the COVID-19 pandemic or have been temporarily laid off due to the COVID-19 pandemic. If you are self-employed, your trading income must have ceased due to Covid-19. The quickest way to apply for the COVID-19 payment is online at mywelfare.ie.
‘With deaths due to the Covid-19 coronavirus pandemic rapidly increasing, the importance of having an up to date Will cannot be overstated. When a person dies unexpectedly without having made a valid Will, the turmoil that follows can place a significant emotional and financial strain on families. It is not always straightforward, particularly where farms and/or other business assets are involved, so it is advisable to seek legal advice before making decisions. This will help ensure your Will is valid. Getting a solicitor to draw up your Will is not expensive and will give you peace of mind that your assets will go where you want them to go.’