Covid-19 Crisis: Economic interventions – Rent freezes, 70% Wage Subsidies, 400,000 job losses

Minister Regina Doherty predicts 400,000 job losses. Taoiseach stated the impact on the economy & employment would be enormous. Crisis to continue for weeks if not months. Announced specific economic measures to help those affected.

Covid-19 Payments

• Covid-19 unemployment payment raised to €350 per week
• Covid-19 self isolation payment will also be increased to €350

Wage Subsidies

• To encourage employers to keep staff on, a wage subsidy scheme will be started
• Will co-fund 70% of salaries up to a maximum of €38,000 per year.
• Cap of €410 on wage subsidy scheme.
• Self employed will also be covered.

Rental market intervention

• New bill approved this evening
• Rents to be frozen
• Evictions to be halted

400,000 job loss figure may be conservative

Quoted on Newstalk, the Social Protection Minister Regina Doherty said the virus presents a “once in a century challenge” to Irish society.

“I think it is almost impossible really to predict the scale of the employment loss,”

“I know I am record on one day last week saying that maybe some 400,000 jobs may go – but I actually believe that is a conservative figure.

“Because job losses of the scale predicted will pose a threat of significant societal effect.

“I think that is why, since the crisis first began, we immediately introduced a system of emergency payments to get money into people’s hands fast until we had designed a more robust response.”

Wage subsidy to maintain employer employee links

Also quoted on Newstalk, Business Minister Heather Humphreys said maintaining the link between employer and employee will ensure the country is best placed to kick-start the economy when the crisis is over.

“Through the measures announced today, we want to ensure that businesses are able to keep their employees on the books so that when this crisis ends, Ireland and our citizens can get back to work as quickly as possible,”