Living Wage Drops for First Time, Falling to €14.75 Amid Lower Energy Prices and Increased Government Support
Dublin: The “living wage” in Ireland has decreased for the first time, dropping from €14.80 an hour last year to €14.75 this year. This reduction is mainly due to lower energy costs and government supports during the energy crisis, according to the Living Wage Technical Group (LWTG). Despite the decrease, the gap between the living wage and the current minimum wage (€12.70) remains significant at €2.05.
Dr. Micheál Collins from UCD noted that while some costs, like energy, have fallen, others, such as rent and food, have increased. Government measures, including the Rent Tax Credit and energy bill credits, have helped offset rising expenses. Without these policies, the living wage would be higher.
The living wage reflects the minimum hourly pay needed for a full-time worker to maintain a basic but decent standard of living. This calculation is based on evidence from budget research by the Vincentian MESL Research Centre. Despite small cost decreases, the overall cost of living rose by 1.7% compared to the previous year, driven by rising rents and food costs.
Irish Samachar English News
{OR} Kindly click to follow the Irish Samachar News channel on WhatsApp