Insights From the FMco Team

Covid19 Temporary Wage Subsidy Scheme

Under Phase II - scheme is being simplified

Step 1 - calculate average net weekly [ANW] wage based on Jan & Feb 2020 payroll run.

Step 2 - multiply average net weekly [ANW] pay as per step 1 above by 70%. The subsidy payable is the lower of this 70% or the actual maximum subsidy due i.e. the €410 or €350.

Step 3 - the difference between the ANW in step 1 and the subsidy due in step 2 is the max additional top-up an employer can make in their weekly payroll without reducing the subsidy.

All payroll software providers have updated their software and released reports to calculate the above for you.

There are also discussions underway to allow employees who earn over the €960 per week threshold to be brought into this subsidy scheme somehow, we will keep you posted.

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