Today is budget day 2023, and minimum wage is set to increase, according to Joe.ie.
The government is set to increase minimum wage to €12.70 per hour for 2024.
This would be an increase of 12%, as was suggested by the Low Pay Commission earlier this year. This would increase the minimum wage by €1.40 per hour.
People working full time would receive an extra €54.60 per week from the beginning of 2024.
2023 saw a similar increase from €10.50 to €11.30 last January.
However, this new increase would assist in the cost of living crisis, as this would increase the income in minimum wage households beyond the 5.3% inflation rate which is predicted by the Central Bank, according to the Irish Times.
The raise in minimum wage is higher than the predicted cost of inflation in an attempt to reach the 'living wage'. This would mean that it would be possible to live on minimum wage with no extra subsidies. The government aims to have a living wage which is equal to 60% of the average wage in Ireland by 2026.
