- Cost of Living Adjustment (COLA)
Full-timers: €9.90 per week
Part-timers: €0.25 per hour
The National Minimum Wage
Age eighteen (18) years and over: €192.73 per week (€4.82/hour for part-timers)
Age seventeen (17) years: €185.95 per week (€4.65/hour for part-timers)
Age under seventeen (17) years: €183.11 per week (€4.58/hour for part-timers)
N.B. These rates are based on a standard forty (40)-hour week, as part of the Wage Regulation Order.
In addition to COLA, the weekly wage shall be adjusted to reach €3 per week over and above minimum wage after having been in employment with the same employer for more than a year, and €6 per week after completing the second year in employment.
In 2023, two (2) public holidays fall on a weekend, these being 1st January and 19th March. Hence, employees are entitled to an additional 16 hours of additional vacation leave amounting to a total of 208 hours (26 days).
A maximum of 96 hours (12 days) from such vacation leave may be used for Shutdowns and Bridge Holidays. It is important to note that part-timers are entitled to such vacation leave on a pro-rata basis, based on the average hours worked in the previous quarter.
- Single Income Tax Rates apply to single persons and married persons whose spouse is employed and do not have dependent children (under 18 or under 23 years and full-time students)
- Married Income Tax Rates apply to married persons whose spouse is unemployed or are single parents who have dependent children (under 18 or under 23 years and full-time students)
- Parent Income Tax Rates apply to married persons whose spouse is employed and have dependent children (under 18 or under 23 years and full-time students)
- National Insurance Contributions
*N.B. The employee may choose to pay 10% of the basic weekly age and be entitled to benefits on a pro-rata basis. The employer must always pay €19.27 per week.
**N.B. The individual must be single – income from rents, investments, or capital gains, but not from a trade, business, or profession
***N.B. The self-employed may choose to pay 15% of the basic net weekly wage if a part-time woman, full-time student under 24 years working part-time or a pensioner and be entitled to prorate benefits.
Born 1962 or later: 65 years
Born 1959-1961: 64 years
Persons aged 61 may choose to retire earlier on a lower pension having reached the number of fully paid Nation Income Contributions:
Born before 1961: 35 years (1820 contributions)
Born between 1962 and 1968: 40 years (2080 contributions)
Born 1969 onwards: 41 years (2132 contributions)