The Cork Business Association (CBA) welcomes the new Taoiseach Simon Harris’ initial response to addressing key concerns voiced by small and medium-sized enterprises (SMEs) in Cork and across the country.
President of Cork Business Association Aaron Mansworth said, “We are heartened to see a renewed focus on addressing the pressing issues surrounding the cost of doing business and law enforcement – areas that have long been of paramount concern to Cork’s business community. We are ready to collaborate with the government to ensure that the concerns and challenges faced by SMEs are effectively addressed, fostering a conducive environment for sustainable growth and prosperity.”
Dave O’Brien, financial advisor and board director at Cork Business Association said, “The CBA has been at the forefront of advocating for increased support for SMEs, particularly in light of impending changes such as auto pension enrolment, sick leave policies, minimum wage increases, and PRSI hikes. The challenges posed by these impending changes have been acutely felt by many businesses, with recent closures serving as stark reminders of the difficulties faced by SMEs.
“Recent developments from the government indicate a willingness to address these concerns. Rumours circulating last week suggested a potential pause in the proposed increase in paid sick leave from 5 to 7 days, initially slated for implementation on January 1, 2025. This is due to go to 10 days by 2026. Furthermore, adjustments to the higher employers PRSI rate have been announced (now at 11.05%,) with plans to raise the threshold for entry into the higher bracket, thereby providing much-needed relief for businesses, particularly those employing minimum wage workers.
“The rumoured adjustment to the higher employers PRSI rate is a welcome step that will significantly alleviate the financial burden on businesses, saving them over €10 per week for each minimum wage employee. While more changes are anticipated in the upcoming budget in October, the CBA remains committed to advocating for increased support for Cork businesses through ongoing dialogue with key government officials, including the Minister of Finance, and by submitting pre-budget proposals to address the specific needs of SMEs.”
