The Irish government has approved a 12.4% increase in the national minimum wage for 2024 as part of the annual budget.

‌‌Key Points:

• Ireland’s hourly national minimum wage will increase by €1.40 to €12.70 (about US$13.43) per hour in 2024.
• The new minimum wage will take effect Jan. 1, 2024.

‌Additional Information: Since the implementation of the National Minimum Wage Acts of 2000 and 2015, experienced adult workers are guaranteed a statutory minimum wage. The majority of employees (including part time, casual and temporary) working under a contract of employment are entitled to this minimum wage. From 2026, the minimum wage will be replaced by a national living wage set at 60% of the median wage in any given year.

‌BAL Analysis: Businesses may see a slight increase in labor costs because of the new minimum wage. Employers should take the new wage minimum into account when planning their 2024 budgets.