Stay on top of the 2021 budget measures with Indigo
October 21, 2020
1. Weekly cost of living adjustment (COLA) increase of €1.75
Indigo Payroll provides the necessary tools to facilitate the application of this increase across your workforce. The global basic pay adjustment utility in Indigo allows you to do just that. We have an article to assist you in making this adjustment:
All social security contributions will be updated in our systems accordingly. Making sure you are running your payroll with the latest updates!
2. An extra day of leave for all workers
Indigo gives you the flexibility of updating leave entitlements and allocations accordingly. We ensure to give you the right tools to simplify as much of your workflow as possible.
With effect from 1st January 2021, an employee with a 40-hour working week is entitled to 216 hours of paid annual leave; that is, the 192hrs basic leave entitlement + 24hrs. in lieu of the 3 Public Holidays that fall on weekends.
More info about upcoming leave entitlements issued by government can be found here.
Your Indigo system will update with the new leave entitlements ready to allocate to your employees.
3. Pension Scheme
The 2021 budget measure provides workers with a tax-free incentive to invest in a private pension scheme on the first €3,000 invested in such a plan.
Indigo allows you to configure pension schemes in your system as well as issue VOPS reports. Visit our articles on setting up VOPS for an employee and VOPS for the employer. Click here to see how you can generate a report to display both the employer and employee VOPS data.
4. COVID wage supplement extended to March 2020
Our Indigo solution is already updated with the necessary changes, helping you adapt to new schemes and regulations related to COVID-19.
Our team has done all the hard work to ensure that your payroll calculation remains as easy and quick as possible through our Indigo platform.