Regular Annual Update
Each year, alongside the increase in the cost of living, wages and benefits are also proportionally increased. As always, Buddy makes sure to update all required information. Here is what is changing this year:
- COLA increase is €9.90 per week (see: Adding the Annual COLA - Cost Of Living Adjustment)
- SSC Rates for 2023 have been updated
- Most significant is the change in Category B contributions increasing from €18.28 per week to €19.27 per week.
- MFC Rates for 2023 have been updated
- A noticeable change is that in Category B, an increase from €0.55 to €0.58. This is generally payable even for part-time employees who work full-time elsewhere.
- Injury and Sickness Benefit Rates for 2023 have been updated as follows:
Benefit 2022 Rates 2023 Rates Single Sickness Benefit €14.15 €14.92 Married Sickness Benefit €21.85 €23.03 Single Injury Benefit €24.66 €26.00 Married Injury Benefit €32.78 €34.55
Other Changes
Unlike last year, there are no further legal changes that impact payroll. Tax rates for qualifying overtime and part-time income remain the same as the previous year.
Having said that, Buddy is implementing changes to how the leave entitlement is calculated. We advise you to read through our other announcement: Changes to Leave Entitlement Calculations