Thursday, 11 July 2019

Questions (161)

Willie O'Dea

Question:

161. Deputy Willie O'Dea asked the Minister for Finance the estimated cost of implementing a living wage €12.30 for all employees directly employed and or in agencies under his remit; and if he will make a statement on the matter. [30771/19]

View answer

Written answers (Question to Finance)

I wish to inform the Deputy that the cost of implementing a living wage of €12.30 per hour for all employees directly employed by my Department would be approximately €82,000 annually.

Of the 17 bodies under the aegis of my Department, I am informed that 8 would incur no additional costs by implementing a living wage of €12.30 per hour. These are the Credit Review Office, the Credit Union Advisory Committee, the Credit Union Restructuring Board, the Disabled Drivers Medical Board of Appeal, the Irish Bank Resolution Corporation, the Irish Financial Services Appeals Tribunal, the Irish Fiscal Advisory Council and the Strategic Banking Corporation of Ireland.

The cost of implementing a living wage of €12.30 per hour for all employees for the remaining 9 bodies is in the following table.

Body under the remit of the Department of Finance 

Estimated cost of implementing a living wage of €12.30 for all employees in agencies

Office of the Comptroller and Audit General

€31,000

Central Bank (incl. Investor Compensation Company DAC)

€98,000*

Financial Services and Pensions Ombudsman

€33,000

National Treasury Management Agency (incl. Home Building Finance Ireland and the National Asset Management Agency)

€4,500**

Office of the Revenue Commissioners

€4,450,000***

Tax Appeals Commission

€18,000

* This cost includes Interns with a maximum employment duration of 9 months per year. The Central Bank provides administrative and support services, including payroll services, to the Investor Compensations Company DAC.

** The total cost of implementing a living wage of €12.30 effective from 1st July 2019. All employees who are paid €12.30 as at 30th June 2019 are on fixed-term contracts and the cost is therefore calculated on the basis of 1st July 2019 to the end date of contract for each individual. The total cost is inclusive of employer costs (employer PRSI and pension). The National Treasury Management Agency provides administrative and support services, including payroll services, to Home Building Finance Ireland and the National Asset Management Agency.

*** This includes a cost of €700,000 for employees on temporary contracts.