CEO Update: Business concerns for Budget 2024

October 02, 2023

Dear member,

The Irish Times have published my op-ed today outlining our members concerns about escalating operating costs for businesses, notably the proposed 12% minimum wage increase.

Ibec believes the Government must produce a clear roadmap on tax (PRSI, USC, IT) and social welfare (Working Family Payment, Housing Assistance Payment, SUSI grants, childcare subsidies, etc) to ensure that the introduction of the living wage does not lead to high marginal effective tax rates for workers.

Additionally, Ibec's Chief Economist, Gerard Brady outlined some of our other key priorities in a Business Post article yesterday including calls on the Government to utilise the €1.5bn surplus in the National Training Fund to address critical skills shortages and support workforce development such as directing the funds towards areas vital for our economy's preparedness, such as AI and Industry 5.0. He also emphasised the importance of the R&D tax credit as a vital lure for high-value investments and support for founders, even in the face of global corporate tax changes.

Ibec will continue to raise these issues both in the media and with political stakeholders prior to Budget Day which will take place on Tuesday, 10th of October.

On the day, Ibec will share in-depth insights and analysis of Budget 2024 and what it means for business on our exclusive member webinar. You can register your attendance here.


Danny McCoy