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Ireland: The Central Bank reports that 2307 people will lose jobs in the IT sector

Dublin: The Central Bank of Ireland has warned that 2,307 people will lose their jobs in Ireland’s technical sector. In Ireland, 1,474 people have been laid off so far. However, according to the bank’s report, more people will be unemployed in the IT sector.

So far, 0.9 percent of employees in the technical sector have lost their jobs. Even during the days of the pandemic, 1.4% lost their jobs in this sector. It has been stated that the decline in employment in this field will have an impact on the country’s tax revenue.

According to the central bank, ICT firms employ 6.4 percent of the total workforce in the country. This sector contributes 12 percent of income tax and 21.3 percent of corporate tax. The ICT sector accounts for 74% of the wage bill. Foreign firms generate 97 percent of profits and employ 60 percent of the workforce.

The Central Bank has previously stated that the information and communications technology (ICT) sector has a massive impact on the Irish economy.

ICT workers also pay the highest rate of income tax in the country, paying 2.5 times as much as the average worker in Ireland. During the pandemic, the country was supported by this tax revenue. The report also says that the share of corporation tax of ICT firms has doubled in the last ten years.

The alarming report comes as the sector recovers from the pandemic. In the fourth quarter of last year, the number of employees increased by 164,600. This is the most rapid job growth in the country. In the last two years, ICT has accounted for 28% of all work permits issued. Apple, Google/Alphabet, and Facebook/Meta are responsible for 6% of this.

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