This week saw the Department of Finance publish its Stability Programme Update (SPU) and Finance Minister Paschal Donohoe said the report does envision a “scarring” of the economy.
This could mean certain jobs do not return once the pandemic has passed.
However, the economic projections for Ireland's immediate future do assume that there will be a gradual relaxation of Covid-19 restrictions over the second quarter, followed by even further relaxation in third and fourth quarters.
Essentially, this should result in more people getting back to work but as always, that's subject to the four key factors - vaccines, variants, case numbers and the state of our hospitals.
For those that are in receipt of the Covid-19 Pandemic Unemployment Payment, do note that the PUP will be in place until 30 June 2021.
Payment rates changed on 29 June and 17 September and 16 October 2020.
In terms of the rate, from 16 October 2020 until 30 June 2021, the Pandemic Unemployment Payment will be paid at the four rates.
The rate people receive will depend on the amount they used to get paid:
- if you earned less than €200 per week - the rate of the COVID-19 Pandemic Unemployment Payment will be €203 per week
- if you earned between €200 and €299.99 per week - the rate of the COVID-19 Pandemic Unemployment Payment will be €250 per week
- if you earned between €300 and €399.99 per week - the rate of the COVID-19 Pandemic Unemployment Payment will be €300 per week
- if you earned €400 or more - you will receive €350
Over 421,000 received the Pandemic Unemployment Payment this week, a reduction of over 15,000 when compared to last week.
In total, €125.52 million in PUP weekly payments was paid into bank accounts and 2,078 people are currently in receipt of Enhanced Illness Benefit
Some 48% of those in receipt of PUP are receiving the maximum rate of €350 this week.
Dublin is the county with the highest number of people who are receiving PUP this week at 134,417. It is followed by Cork (42,391) and Galway (22,774).
All sectors have fewer people receiving PUP this week, reflecting the number of people who have closed their claims in recent weeks to return to work.
However, the sector with the highest number of people receiving PUP this week is Accommodation and Food Service activities (102,405), followed by Wholesale and Retail Trade (67,990) and Construction (50,169).
