​On 20th July 2022 the Sick Leave Act was signed into law. The new scheme aims to bring Ireland in line with other European countries that have mandatory paid sick leave for workers in place. Under the legislation, employers will be obliged to provide a minimum number of paid sick days annually from 2022.

Currently, an employee whose employer does not provide paid sick leave can apply for Illness Benefit. However, the payment is a flat €203 per week and the worker must satisfy a minimum level of PRSI contributions. Under the new scheme, which will be rolled out in four phases, both full and part-time employees can avail of paid leave. They’ll be entitled to a rate of 70% of usual daily earnings up to €110 a day for three days.

​In 2024, this rises to five days of paid leave, before increasing again in 2025 (seven days) and 2026 (10 days). The eventual 10 days, or two working weeks, of sick pay per year will be in addition to other leave entitlements including annual leave, parental and maternity leave as well as public holidays.

Credit Review was set up in 2010 by the Minister for Finance and provides an independent appeals process for SMEs, sole traders and farmers who have had bank credit facilities refused, reduced or withdrawn, or who need to restructure debt. It also operates a helpline for business borrowers who are having difficulty getting credit. Credit Review sees at first hand the issues faced by SMEs and farm businesses seeking bank credit to grow and develop their businesses.

While 2022 started positively for Irish SME’s following the lifting of Covid restrictions, the war in Ukraine has set back recovery and a number of significant challenges remain for businesses. All of this means that SME’s may require additional bank finance, or need to restructure their existing debt, to make repayments more manageable in the current business environment.