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The Journal
12-06-2025
- Business
- The Journal
PSO levy reduction expected but it won't make much of a dent in energy bills for households
A REDUCTION IN the Public Service Obligation (PSO) levy that appears on electricity bills of households and small businesses is to be announced this week. The PSO levy is charged to all electricity customers in Ireland in a bid to support the generation of electricity from sustainable, renewable and indigenous sources. The annual charge is currently €42.25. It is expected that the a reduction in the PSO levy for both households and small commercial businesses will result in savings of around €23 per year for households and €90 per year for small businesses. Government sources state that this is just one small item in a suite of measures being examined to bring the the cost of bills down for consumers. 'This Government is committed to tackling high energy costs through a wide range of measures while continuing to accelerate the decarbonisation of Ireland's energy system,' they said. The measure comes as it emerged yesterday that electricity bills will actually increase by at least €83 a year to pay for a major upgrade of the country's power system. ESB Networks has asked the energy regulator to approve a price increase that would enable it to fund investment of over €10 billion in next five years, investment that a conference heard yesterday is badly needed in order to meet the growing demands on the power grid. The government has come under increasing pressure to assist homes and businesses with electricity and gas costs, with Irish people paying some of the most expensive bills in Europe. A new group, tasked with driving down the cost for businesses, met yesterday for the first time. The Minister for Enterprise, Tourism and Employment Peter Burke established the new group with the aim of reducing the cost of running a business. Advertisement The forum brings together business owners, retailers, tourism operators, accounting professionals and representative groups—alongside regulators and state agencies—to look at the structural issues that are driving up costs and the steps that could be taken to mitigate them. However, for every day households, little assistance is on the horizon this year, with government stating that there will be no across-the-board energy credits this year. Irish customers do pay more, says minister Energy Minister Darragh O'Brien told The Journal this week that Irish customers, in comparison to our EU colleagues, do pay more when it comes to energy. 'We're probably the third most expensive when you average it out,' he said. The minister said he had set up an affordability task force within his department that he will be chair next week. The group is looking at options on how to drive affordability, said O'Brien, but added that how electricity prices are struck is the main issue impacting Irish householders. The cost of electricity for Irish customers is still linked at European level to the wholesale gas price, said the minister. O'Brien said he has raised the matter with the European Commission on how to break that link, but said it is a 'medium term' body of work that is needed before any changes will be seen. 'More EU states like Ireland are now producing more renewable energy, yet the energy cost itself is still linked to the wholesale gas prices. So that's something that at an EU level, I can't change that independently for Ireland, that's something that we will be having discussions on at an EU level,' said the minister. The minister said the matter will be raised again at the Energy Council in Luxembourg next week. 'There are other EU partners who would be in agreement with us that we need to reflect in our pricing the fact that we've more renewables year-on-year coming on stream, that we're becoming less dependent on gas and on fossils. So why should the base price be stuck on the basis of the wholesale gas price. I think that's a bigger discussion that we need to have,' the minister said. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Irish Post
25-05-2025
- Business
- Irish Post
Government announces dedicated unit to support Ireland's 'vital' small businesses
THE IRISH GOVERNMENT has announced the establishment of a new unit to support Ireland's small businesses, which provide 'vital employment and economic benefit across the country'. The Small Business Unit will ensure the needs and issues of small businesses have a dedicated focus within the Department of Enterprise, Trade and Employment and across government. As well as helping small businesses access grants and support, the unit's remit will also include implementing Ireland's SME Test. Announced last year, the test seeks to ensure small businesses are given due consideration when new policies are introduced so that they are not disproportionately impacted by regulations. 'Economic benefit' Announcing the establishment of the dedicated unit, Peter Burke, Minister for Enterprise, Tourism and Employment, emphasised the importance of SMEs to the Irish economy. "Small businesses employ two thirds of our population and keep our local communities and economies vibrant and strong," he said. "Government must recognise this, and ensure we are providing the support that SMEs need to run their businesses successfully and continue to provide vital employment and economic benefit across the country." He added: "Since my appointment as Minister I have put small businesses front and centre of my priorities. "The Programme for Government sets out clearly how the needs of small businesses must have a dedicated focus and are recognised and acknowledged across government. "The Small Business Unit will focus on rigorously implementing the SME Test, to ensure the perspectives of small businesses are considered across government before new legislation or regulation is introduced. "The unit will oversee the simplification of information and access to grants and supports for businesses though the National Enterprise Hub. "It will also ensure the Local Enterprise Offices are properly resourced to help small businesses." SME turnover SMEs accounted for 99.8 per cent of all enterprises and 69.2 per cent of persons employed, according to the most recent CSO statistics on these businesses in Ireland. More than two-fifths (41.5 per cent) of total turnover and 34.8 per cent of Gross Value Added (GVA) was attributed to these SMEs. The establishment of the Small Business Unit comes after the government agreed last month to expedite the development of the Action Plan for Competitiveness and Productivity. The plan is intended to cover areas critical to Ireland's economic performance, including industrial policy, regulatory burden reduction, infrastructure, energy, trade and innovation. See More: Peter Burke, SME
Irish Daily Mirror
25-05-2025
- Business
- Irish Daily Mirror
€1.5m to be invested in tourism sector promote Ireland as 'Home of Halloween'
A total of €1.5 million is to be invested in the tourism sector to promote Ireland as the 'Home of Halloween'. A joint project involving Louth and Meath county councils is one of five to secure funding from Fáilte Ireland's new Home of Halloween Pilot Destination Development Scheme. They will focus on the ancient stories of the Boyne Valley as the Global Birthplace of Halloween Celebrations. Enterprise, Tourism and Employment Minister Peter Burke announced a total of €1.5 million which will be invested over the next three years. This is part of 'Ireland, Home of Halloween Strategy' which aims to establish Ireland as the authentic global home of the festival which is now celebrated all over the world. The projects are expected to attract 270,000 additional visitors over three years, generating €17 million for local economies, and supporting over 500 direct and indirect jobs.
The Journal
22-05-2025
- Business
- The Journal
Number of people in employment rises by 89,900 to hit almost 2.8 million
THE NUMBER OF people in employment in Ireland rose by 89,900 in the 12 months to the end of March. This 3.3% increase means that as of the end of Q1 of the year, some 2,794,100 people aged 15-89 were in employment. The increase of 89,900 is composed of increases of 38,300 (+2.7%) for males and 51,600 (+4.1%) for females . Minister for Enterprise, Tourism and Employment Peter Burke remarked that female participation rates in the labour market have been 'trending upwards and reached a new historic high'. 'My Department will continue to support workers throughout their careers, with initiatives to improve work-life balance and flexible working arrangements which encourages greater participation,' said Burke. The figures were contained in the recent Labour Force Survey by the Central Statistics Office. Elsewhere, the employment rate for people aged 15-64 years was 74.7% in Quarter 1 2025, up from 73.8% a year earlier. Meanwhile, there were 124,200 unemployed people aged 15-74 years in Q1 2025 using International Labour Organisation (ILO) criteria, with an unemployment rate of 4.3% for this cohort, up from 4.1% a year previous. The ILO criteria describes an unemployed person as someone who is out of work but available for work within the next two weeks and who has taken steps to find employment in the previous month. Findings form the Labour Force Survey CSO CSO Meanwhile, the estimated total number of hours worked per week across the first three months of the year increased by one million hours, or 1.2%, on Q1 2024 figures to hit 86.5 million hours. Advertisement Employment Around 593,400, or 21.2%, of those in employment worked part-time. However, 131,300, or 22.1%, of those in part-time employment were classified as underemployed, meaning they would like to work more hours. In the 12 months to Q1 2025, the age group with the highest employment rate was in the 35-44 years age group (86.1%), which was up 2.2% from the 83.9% recorded a year previously. The lowest employment rate by age was in the 15-19 year old cohort at 24.4%. Meanwhile, over 60% of those in employment stated that they never work at home (1,749,600). Of the 1,034,900 people who reported that they work from home at least some of the time, 554,500 said they usually (more than half the time) work from home, down from a peak of 846,700 in Q1 2021. The largest increase in employment by sector was in Education, which rose by 21,500 people (9.3%). The largest decrease in employment was in Wholesale and Retail Trade and Repair of Motor Vehicles and Motorcycles, which is down by 8,200 people (2.5%). Meanwhile, there were 25,900 people in long-term unemployment – described as being unemployed for 12 months or longer – in Q1 2025, 2,900 fewer people than a year previous. The rate of long-term unemployment was 0.9%, down from 1.0% a year earlier. The Labour Force Survey is a continuous household survey and Colin Hanley, Statistician in the CSO's Labour Market and Earnings Division said household surveys give a picture of the economic and social situation 'with a level of accuracy that no one else can gain'. 'If you are asked to take part in a CSO survey, please do so,' said Hanley. 'We count on you to take part in our surveys, and you can count on us to provide accurate statistics that reflect our society.' Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
RTÉ News
19-05-2025
- Business
- RTÉ News
National semiconductor strategy targets 34,500 new jobs by 2040
The Government has launched a new national semiconductor strategy which aims to boost employment in the sector by 34,500 jobs by 2024. Semiconductors, sometimes referred to as microchips, are used in everything from smartphones and computers, to the latest quantum computing and AI technology. The semiconductor sector in Ireland currently has more than 130 indigenous and multinational companies providing 20,000 jobs and €13.5 billion in annual exports. The new semiconductor strategy entitled "Silicon Island" is designed to strengthen Ireland's role in the global semiconductor industry by attracting further major multinational investment and supporting indigenous start-ups and spin-outs. The plan aims to securing major industrial investments, including one leading edge fabrication facility in a regional location, two trailing-edge foundries, and one advanced packaging facility. The strategy will also focus on strengthening research capacity and promoting Ireland internationally as a hub of semiconductor excellence. "From AI to quantum computing and the green transition, semiconductors are at the core of global innovation," Minister for Enterprise, Tourism and Employment Peter Burke said. "This strategy is Ireland's commitment to helping deliver on the European Chips Act and to becoming a global leader in this vital sector. Ireland is turning to chips as the next big opportunity," Mr Burke said. The plans set out in the strategy will be guided by an industry-led Semiconductor Advisory Council. Professor William Scanlon, the CEO of Tyndall National Institute, welcomed the publication of the strategy. "As the national institute for semiconductors, Tyndall is proud to play our part in the delivery of the strategy through collaborative research and innovation and the development of talent and skills," Professor Scanlon said.
