ISME warns of redundancies if wage subsidy scheme halted suddenly
Their chief executive Neil McDonnell issued the warning as the Revenue Commissioners commenced a programme of compliance checks to ensure that employers are still eligible for the scheme, which has so far delivered government wage subsidies totalling almost €1.7bn to help companies hit by the Covid-19 emergency.
However, he warned that any sudden ending of the TWSS could "crystallise" a massive wave of job losses among employers who could not afford to retain staff without the wage subsidies. Revenue anticipates the TWSS compliance programme will last several months, during which it will write to the 57,000 employers who have received a TWSS payment to date, to ensure that the scheme is operating correctly.
When the TWSS was launched on 26 March - initially for a period of 3 months but now extended to the end of August - employers had to have a reasonable expectation of a drop in business activity of at least 25% due to the pandemic.
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