Category: Covid 19

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Currency Risk Management in COVID Times

30/9/2021

Today we are living in VUCA world and have been for quite some time – volatility , uncertainty , complexity and ambiguity is the norm as a result of the pandemic.

Everything in the financial markets is relative. Growth potential, rates of return and safety are all considerations which urge capital to flow to one region or asset class over another according to prevailing conditions in the markets. Given its ubiquity, the US Dollar often finds itself a bridge to these shifting winds - for better and worse. Through the opening quarter of 2021, there were significant changes in focus from an incredible charge in retail appetite to anticipation for reopening economies after mass vaccinations to burgeoning inflation expectations that have fed into central bank normalization hopes/fears.

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COVID VACCINATIONS AND YOUR EMPLOYEES

9/9/2021

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As the country prepares to reopen in the coming months, a hot topic is the legality of requiring your staff to have the Covid-19 vaccination in order to return to the workplace. At present, there is no legislation that requires persons to vaccinate specifically for the purpose of returning to the workplace. There are a few exceptions where an employer can require staff members to vaccinate but these are limited to healthcare and possibly childcare environments.

There Is however, a framework you may follow to ensure your staff are safely following the best advice as per public health guidelines. The first step in this is to open the conversation with your staff members about their intention to vaccinate. This allows the employer to assess what percentage of employees intend on getting vaccinated. For employees who are unsure or do not wish to vaccinate, consider implementing procedures that best support the vaccination process. For example:

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TEMPORARY WAGE SUBSIDY SCHEME (TWSS) UPDATE

31/8/2021

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The June deadline for employers wishing to pay their Employee’s TWSS tax liability without a charge to Benefit in Kind (BIK) has been extended to 30 September 2021.

Revenue also confirmed that the concession applies where an employer pays the Income Tax and USC liabilities:

of an employee who is a self-assessed taxpayer or in jointly assessed cases, if the employee’s spouse is self-assessed and;
of a proprietary director in the company provided the employers pays the TWSS related liabilities of all employees in the company.

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EMPLOYERS LIABLE FOR HEALTH & SAFETY UNDER REMOTE WORKING POLICY

9/8/2021

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As announced in April, employees now have the right to request to work from home under the National Remote Working Strategy. Ibec and Isme both said that the proposals due to come into force this year to allow people to work from home would place extra burdens on businesses as they emerge from the pandemic. Ibec have noted that if homes were designated as workplaces, employers would be required to inspect them to make sure they met legal standards and did not breach data protection or commercial confidentiality rules.
The full impact of such legislation remains to be seen but employers will have to keep a close eye on any new legislation to ensure they are compliant.

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WE APPROACH MID-YEAR WITH A GREATER SENSE OF OPTIMISM

21/7/2021

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As we move closer to the mid-point of the year, we can look back on the period since 1st January with mixed emotions. On New Year’s night we were looking forward to a brand-new year with some optimism, and we all hoped that the year ahead could not be as difficult as the one just past. Those hopes were dealt a severe blow as we were forced to endure a prolonged period of Level 5 restrictions from the beginning of the year, but throughout the period of lockdown there was a greater sense of normality than during last year’s more stringent lockdown periods. The vaccination programme was being rolled out across the world, albeit at varying speeds, but at least they were being rolled out. We also saw a number of countries gradually relaxing restrictions, and here in Ireland, the COB-related health statistics were moving in the right direction.

OPTIMISTIC GLOBAL OUTLOOK
Since the beginning of the year has been a steady upward revision to global economic forecasts by international forecasting agencies. The IMF now expects the global economy to expand by a strong 6 per cent in 2021. The upbeat assessment is based on the successful rollout of the vaccination programme, and the ongoing strong official fiscal and monetary policy response across the globe.

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