Coronavirus, Covid-19, Esrı, Pandemic Unemployment Payment, Wage Subsidy Scheme

Coronavirus, Covid-19

Covid-19 welfare schemes could cost Ireland €5 billion every three months

The figure is according to a new report from the ESRI.

09/04/2020 10:45:00

ESRI : Ireland's Covid-19 welfare schemes could cost €5 billion every quarter

The figure is according to a new report from the ESRI .

However, the report suggests that the measures announced so far in response to the pandemic will significantly reduce the severity of job losses for many people.The government has announced a number of measures to tackle the virus, which has forced hundreds of thousands of people out of work.

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In the last week of March, 283,037 people were in receipt of the Pandemic Unemployment Payment and 25,104 people were receiving money from the Temporary Covid-19 Wage Subsidy Scheme.The study from the ESRI found that the Pandemic Unemployment Payment will reduce the number of people who lose over 20% of disposable income by around a third.

However, the report also warns that the wage subsidy scheme will have a “minimal” impact – it argues that this is partially because the scheme is less generous to low-earning workers than than the Covid-19 unemployment scheme.Barra Roantree, who authored the report, said that the rise in unemployment “will bring significant costs to the exchequer”.

The ESRI estimates that the rise in unemployment because of the coronavirus outbreak will reduce tax revenue and increase welfare spending by around €800 million per quarter for every 100,000 people who lose their jobs.“We estimate that the pandemic unemployment shock will result in higher income families seeing larger proportionate falls in their incomes than lower income families. Families in the lower two-fifths of the income distribution are, on average, insulated from income losses,” the report says.

There is no clear indication of when the pandemic will end – there are currently 6,074 confirmed cases of Covid-19 in Ireland. Read more: TheJournal.ie »

Oh do the government pay for it? ... One fee 2.500 e will cover 7 payments - believe me is a lot dum...es who will brake the lockdown law., in Romania in some 3-6 days in fees they received 1 mil. have nice Good Friday! Might be asking the oil off Ireland’s west coast back then :) LeoVaradkar FineGael fiannafailparty sinnfeinireland Ah lads & lassies, sure isn't time we took that free money the banks got, back, in the last fin' crisis, and take care of the people for a change. We are arriving in a new world, I believe your cronyism is at an end!!

That's what hard working people have been paying their taxes for all their working lives. So what's the plan Cull the sick? Here, folks, is the problem with socialism. (One of the problems.) Eventually, we run out of other people’s money. How much do we give NGOs a year? Thieving c*nts Use ths billions that apple owes us

Or a third of the Apple tax we're owed that Leo and FG refuse to take back. All depends on the lens lads... Maybe it won't be long before we have to look at means testing..stories of part time staff getting more now than when working! Madness! Will have to take spouse income into account,,this can't be let to run,, no state can afford this ,fine for few weeks but for the long haul?no

How much does Apple owe us again About 6 mths of welfare payments.

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25 deaths and 365 new cases of Covid-19 in IrelandThe latest figures bring the death toll to 235 and the total number of cases in the Republic of Ireland to 6,074