National Minimum Wage Rates

 

   NOTE:

The NATIONAL MINIMUM WAGE RATE will change on the 1st January 2018  from 9.25 per working hour for an experienced adult worker to 9.55 per working hour.  For further clarification please call 056-8833808 or 0866995003.

 

 

 NB: In order to pay the Minimum Wage rates (to a trainee hairdresser) you must follow the guidelines relating to the National Minimum Wage Act 2000 as set out in the Irish Statute Book. A course of study or training must satisfy the criteria set out in Section 16 of the National Minimum Wage Act 2000.

If you wish to get more informaiton on this please contact the IHF Office 056-8833808 or email: This email address is being protected from spambots. You need JavaScript enabled to view it. 
 

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YOUR INCOME IS YOUR MOST IMPORTANT ASSET

ARE YOU PROTECTING IT?

It always surprises me that we, as consumers, protect ourselves against so many of life\'s eventualities, yet so few of us protect our salaries. We don\'t usually think of our current income and our future earnings as an asset. However, if you take a moment to think about it, this is what pays for everthing else - mortgate, bills, children\'s education, insurance\'s and so on.

If you think about how much your income provides for you and then what you would have to do without it, you are faced with a pretty frightening picture. In addition, if you think that you may never have that income again what is the picture like? This shows the importance of income. But how much is that income really worth? For a person, on the average industrial wage, working to age 65, this is more than 2 million euro. Quite substantial an asset isn\'t it?

In general, we tend to be overly optimistic about how we would manage if we were unable to work due to illness or injury. We over-estimate sick pay arrangements and the support provided by the State. Some employers will cover sick pay for the first 6 months of illness, however, they ar not obliged to. The State benefit is only just over 9,600 euro p.a. (the average industrial wage is approximately 31,000 euro) and if you are self-employed then you won\'t even qualify for this.

The reality for most people is that their level of "outgoings" either matches or exceeds their income. So for a person who no longer is earning that income there will be a significantly negative impact on their lifestyle. But what can you do to protect your salary?

This is where an Income Protection plan is so important and is appropriate to anyone earning a salary, both the self-employed as well as other employees, regardless of thier age or stage of life. Income Protection provides a replacement salary in the event of a person being unable to work as a result of an illness or injury. This replacement salary can provide a person with up to 75% of his salary (minus social welfare, where applicable), for the duration of that individual being unable to work.

Its interesting to note that as few as 10% of the population are currently covered by Income Protection, while statistics indicate that tens of thousands of the population could find themselves in a position where they are unable to work, due to injury or illness every year. This is a big gap that needs to be addressed.

When the increase in Critical Illness premiums in recent years, Income Protection is proving to be a very attractive choice. Income Protection also offers a much broader type of cover and provides a regular income rather than a once off lump sum payment in the event of claim. Many recent Income Protection claims submitted would not have been covered under a traditional Critical Illness plan.

When you consider the value of your income it makes sense to protect it!

For further details, contact Gunn Robinson O\'Higgins at 01-2835252