In this week’s Public Policy Bulletin, read about Ireland’s latest Residential Property Price Index findings, Ireland's goals in relation to connectivity and a public consultation on the Retail Banking Review Dialogue. We also cover a report on cyber readiness among businesses in Ireland. Lastly, we bring you news from Northern Ireland including increases in unfair dismissal and redundancy payment limits, the most recent Labour Market Report and the announcement of more assured skills academy places.
CSO releases latest Residential Property Price Index
Residential property prices in Ireland increased by 15.2 percent nationally in the twelve months to March 2022, according to recently released figures from the CSO.
The results from the recent Residential Property Price Index (RPPI) show that the national index is still lower than the 2007 peak, with Dublin residential prices still 10.1 percent lower than their February 2007 highs. Property prices in the rest of Ireland are 3.3 percent lower than their May 2007 peak.
RPPI is based on Revenue stamp duty returns, which have a 44 day submission deadline.
Read the press release here.
World Telecommunications Day
To mark World Telecommunications Day, Minister of State with responsibility for Communications at the Department of the Environment, Climate and Communications, Ossian Smyth TD, spoke about Ireland’s goals in relation to connectivity:
“Our target is to complete the delivery of digital connectivity to all Connected Hubs and all schools by 2023; for all Irish households and businesses to be covered by a Gigabit network no later than 2028; and for all populated areas to be covered by 5G by no later than 2030.”
A report produced by EY for the Department of the Environment, Climate and Communications was also released this week. This report found that broadband is a vital part of economic and social development and deems it as essential to our daily lives. It stresses that State-led intervention is crucial and a failure to make this investment would have negative economic and social impacts, due to a growing digital divide.
Public consultation announced at Retail Banking Review Dialogue
This week, The Minister for Finance, Paschal Donohoe TD and the Minister of State for Financial Services, Credit Unions and Insurance, Seán Fleming TD launched a public consultation at the Retail Banking Review Dialogue, which will be open until 8 July 2022.
The Department also published the results from a detailed consumer survey, with a sample of over 1,500 people, which found that 97 percent of the sample hold their main current account with a traditional retail bank and only 1 percent opt for a digital bank. Branch visits are still important for 23 percent of the respondents, with 70 percent using digital channels as their main form of contact. One in five of the respondents expressed a preference for cash as a payment method. Switching rates over the last five years for all financial products are between 2 and 5 percent.
Read the press release here.
Cyber Readiness Report released
A survey of over 5,000 professionals responsible for their company’s cyber security strategy across eight countries found that businesses increasingly view the cyber challenge as a dominant risk. The global survey conducted by Hiscox found that 48 percent of respondents had faced at least one cyber attack, with the median cost being estimated at almost $17,000.
More than 200 professionals from Ireland were surveyed for the Cyber Readiness Report, finding that 34 percent of businesses here purchased or enhanced cyber insurance following an attack, with effective cyber security training and awareness for employees identified as the top spending priority for businesses here. The survey found that 49 percent of respondents experienced a cyber attack in 2022, but only 19 percent reported a ransomware attack. Irish businesses paid out ransoms more regularly than the rest, with 25 percent paying five times or more to recover data, but ransom costs were among the lowest.
Unfair dismissal and redundancy payment limits increased in Northern Ireland
Northern Ireland’s Economy Minister Gordon Lyons announced an increase in the limits for payments and awards in employment rights cases. From 6 April 2022, the limit on the compensatory award for unfair dismissal rises from £89,669 to £94,063. Also, the maximum amount of ‘a week’s pay’ for the purpose of calculating redundancy payments rises from £566 to £594.
Latest Northern Ireland Labour Market Report published
This week, Northern Ireland Statistics and Research Agency (NISRA) published its most recent Labour Market Report. The number of employees receiving pay through HMRC PAYE in NI in April 2022 was the highest on record, reaching 774,600. An increase of 4.5 percent in the number of payrolled employees in the twelve months to April 2022 was reported. April 2022 is the eleventh consecutive month where payrolled employees are higher than the numbers seen pre-pandemic.
The claimant count reduced again in April 2022 to 36,500 people, representing 3.9 percent of the workforce. This is still 23 percent higher than the figures seen pre-pandemic.
Sixth PwC Professional Services Assured Skills Academy announced
This week, Northern Ireland’s Economy Minister Gordon Lyons announced the sixth Assured Skills Academy with PwC, offering twenty individuals the opportunity to start their career in professional services.
The chosen participants will receive eight weeks industry-relevant pre-employment training delivered by Belfast Met, covering areas including: project management, business analysis, commercial awareness, financial accounting, Microsoft and Google tools, data visualisation and design thinking. A training allowance of £155 a week will be paid to participants.
LOADING...