The Government has this week approved plans to introduce a new national 'living wage' which is set to replace the minimum wage in 2026.
The new scheme will be brought in gradually over a four-year period starting next year and will be set at 60 per cent of the hourly median wage. In 2023, it is estimated that 60% of median earnings would equate to approximately €13.10 per hour.
However, before this happens on January 1, 2023 the Government will bring in an 80c increase to the National Minimum Wage to €11.30 per hour. This will be followed by gradual increases to the National Minimum Wage until it reaches 60 per cent of hourly median earnings
