Public Sector Pay Agreement
Public Sector HR Departments have now been instructed to implement the October 2023 stage of the recently ratified pay increases for Public Sector employees*.
As with previous pay restorations, this amount will be subject to income tax at your marginal rate.
To avoid paying tax on this amount, you can redirect it into your AVC and enhance your fund significantly at retirement.
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The Minister for Public Expenditure and Reform has secured government approval of proposals to extend the current public service pay agreement, Building Momentum, to the end of 2023.
The following increases have been confirmed:
- 3% of salary with effect from 2nd February 2022 (backdated)
- 1% of salary or €500, whichever is greater, with effect from October 2022
- 2% from 1st March 2023
- 1.5% or €750 (whichever is the greater) from 1st October 2023.
As with previous pay restorations, this amount will be subject to income tax at your marginal rate.
To avoid paying tax on this amount, you can redirect it in your AVC and enhance your fund significantly at retirement.