As the government announced Level 5 yesterday, 19 October 2020, they also revealed an over-haul of the PUP and EWSS to help individuals and businesses weather these severe COVID-19 restrictions.
Here are the changes:
1. Pandemic Unemployment Payment (PUP)
The PUP will increase to €350 a week for anyone who was earning more than €400 before they lost their job due to COVID-19 restrictions.
At the moment anyone earning less than €200 before the COVID-19 pandemic are paid €203 a week, those who earned between €200 and €300 get €250 a week and those paid more than €300 get €300.
This new rate is now added where if someone was earning more than €400 a week before they lost their job due to Government restrictions, they will receive €350 a week.
If you are already receiving the PUP and were earning more than €400 a week before you lost your job then your payment will automatically increase to €350.
2. Employment Wage Subsidy Scheme (EWSS)
The EWSS was included in the government’s July Stimulus Package to help employers whose turnover/customer orders have fallen 30pc due to COVID-19.
Currently for every employee paid between €203 and €1,462 gross per week, the subsidy is €203 while for every employee paid between €151.50 and €202.99 it is €151.50.
The scheme is now being expanded from these two rates to four rates: €203 paid for every employee earning between €151 and €202.99 a week; €250 for those paid between €203 and €299.99; €300 for those paid between €300 and €399.99 and €350 for those earning between €400 and €1,462
This newly amended EWSS will be in effect until 31 January 2021.
There are also changes to when the subsity will be paid to employers. Read more here
Your business may also be eligible for the new COVID-19 Restrictions Support Scheme. Read more about it here.
Last updated: 22nd October 2020This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.