Read about a consultation on gender pay gaps in supplementary pensions in Ireland; the publication of scoping papers for projects exploring economic, social and environmental opportunities from increased cooperation on a shared island basis; businesses which were allowed to remain open in Northern Ireland during the most recent restrictions will begin receiving top-up grants; and the Eurogroup agrees a programme of work for the rest of 2021.
Consultation on gender pay gaps in supplementary pensions
The Pensions Council in Ireland has published a consultation on gender gaps within supplementary pensions arising as a result of current practices within the supplementary pensions system in Ireland.
The consultation references the publication by the Council in 2019 of a wide-ranging report on 'Gender, Pensions and Income in Retirement’. This report noted that the elimination of the gender pension gap would require changes to the current pension rules, such as increased provision for childcare and other measures that would improve female participation in the workforce. The Pensions Council also invited suggestions on how methods for reducing the gender gap outlined in an OECD report published in March 2021, 'Towards Improved Retirement Savings Outcomes for Women' might be applied to Ireland.
The consultation document is available on the Pensions Council website and submissions can be sent to the Pensions Council by Monday, 21 June 2021.
Shared Island initiative – scoping papers published
Scoping papers were published this week for four projects which are part of a joint research programme of the Department of the Taoiseach’s Shared Island unit and the Economic Social and Research Institute (ESRI). The projects are part of a comprehensive research programme that aims to provide high-quality evidence-based analysis across a range of areas to inform Government policy priorities, and public discussion on building a shared island and consensus around a shared future.
The four projects are:
- Cross-Border Trade in Services
- Primary Care – Ireland and Northern Ireland
- A North-South Comparison of Education and Training Systems
- Enhancing the Attractiveness of the Island of Ireland to High-Value Foreign Direct Investment
Commenting, Taoiseach Micheál Martin, TD, pointed to the importance of research and innovation to economic and societal progress, saying “As we recover from the effects of the Covid-19 pandemic and work through the consequences of Brexit, the research being undertaken in this programme with the ESRI will provide substantive analysis and evidence, which will inform the Government’s approach in developing our Shared Island initiative.”
ESRI Director Professor Alan Barrett also pointed to the benefits of increased collaboration and connection across the island: “We want to learn more about those connections so that they can be expanded. There has been a lack of comparative research in the past and this joint research programme will have value in providing new insights for policy.”
The full reports will be published later this year and aim to add to the understanding of current and potential linkages across the island of Ireland in a range of economic, social and environmental areas.
For more information on the research programme go to www.gov.ie/sharedisland/research
Top-up grants for Northern Ireland businesses
Northern Ireland Finance Minister, Conor Murphy, announced this week that £72.3 million will begin issuing from 27 May to businesses which were allowed to remain open during the most recent COVID-19 restrictions. Payments in the form of ‘top-up grants’ of either £5,000 or £10,000 will be made to more than 13,000 businesses which did not qualify for support during the most recent lockdown period.
The payments will be made on the completion of work by the Land & Property Services to verify that the occupiers of business properties have remained the same since the original grants were paid. Businesses which started trading after the application process closed for the £10,000 Small Business Support Grant and the £25,000 Retail, Tourism, Hospitality and Leisure Grant will also be able to apply online for the top up payment from late June.
Commenting, Glyn Roberts, Chief Executive of Retail NI, said: “These grants will support many independent retailers who had lost significant footfall and trade as a result of hospitality and offices being closed during lockdown. Along with the further years rates holiday and the forthcoming High Street Scheme, this will greatly help our high streets on the long road toward recovery."
Further information can found at these here: £10,000 top up grant and £5,000 top up grant.
Eurogroup agrees work programme for remainder of 2021
Euro area Finance Ministers have agreed their work programme for the second half of 2021. The agreement was reached at a Eurogroup meeting, chaired by President of the Eurogroup and Irish Minister for Finance, Paschal Donohoe TD.
The Eurogroup has a key role in identifying, coordinating and implementing the policies in the euro area that will deliver a robust, inclusive, and sustainable recovery, and their programme of work aims to support economic recovery, improve the banking system and make progress on digital currency and green finance issues.
Commenting, President of the Eurogroup and Minister for Finance Paschal Donohoe said “Strengthening the euro area economy is essential for the recovery and the return to a sustainable growth path. Through our high-level discussions, it is my priority to ensure that the Eurogroup remains a forum for promoting common understanding on challenges and defining appropriate policies for the euro area. As such, we will continue to regularly monitor macroeconomic, fiscal and corporate sector developments and hold discussions on structural reforms.”
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