As the Irish minimum wage rises from €8.32 an hour to €8.65, business lobby group ISME is claiming that this will push many small Irish businesses over the edge into bankruptcy.
ISME has warned the latest increase in the minimum wage will cause major damage to Irish business competitiveness, calling it another “body blow” for many small businesses struggling to maintain a competitive position in an already high cost, high wage economy.
The latest hike in the hourly minimum wage is the second this year bringing the Irish rate second only to Luxembourg. It is the sixth increase to the national minimum wage since it was first introduced seven years ago and represents an increase of 66 per cent since 2000.