In the realm of employment, an increasing number of inconsistencies are surfacing with each week. A study conducted by the HR tech group, SD Worx, discovered that over 20% of the Irish workforce has experienced delayed wages more than once during the past year. Even more concerning, 27% reported miscalculations in their wage computation within the same time frame.
On the other side of the argument, many small and medium enterprises (SMEs) are voicing their concerns about the growing labour costs being enforced by the State. The burdens include higher national minimum wages, broadened sick and protective leave rights – encompassing matters like maternity and paternity leave, amplified PRSI, and upcoming employer contributions to a compulsory auto-enrolment workplace pension earmarked for next year.
These SMEs do have a point, although if an increment of 0.1% in PRSI undermines the company’s performance, it might be a clear sign of impending failure. Furthermore, PwC’s recent figures show that, despite a rising insolvency rate from a pandemic-driven low, the current 32 insolvencies per 10,000 businesses are below the two-decade average of 50 and the 2012 peak of 109.
The crux of the matter is that payment for work is the fundamental component of any job contract. Given that the same survey participants may suffer both flaws, the data indicates that over 25% of the Irish employees can’t count on this fundamental as they grapple with personal expenses and the cost of living. The actual figure could be even higher.
In an environment where competition for skilled workers is reportedly fierce, it’s reasonable to expect timely and accurate pay.