The amount of money paid out under the coronavirus wage subsidy scheme has surpassed 1.1 billion euro, a senior civil servant has said.
The Revenue has paid 482,000 workers under the Temporary Covid-19 Wage Subsidy Scheme (TWSS), which was introduced in March.
Liz Canavan, assistant secretary for social policy for the Taoiseach, told the Government Covid-19 briefing on Monday that almost 56,300 employers are registered for the scheme across the country.
Revenue has published updated FAQs in respect of the Temporary COVID-19 Wage Subsidy Scheme. Click here for further details: https://t.co/xB4JDkoBlO— Revenue (@RevenueIE) May 19, 2020
Meanwhile, the number of people claiming the Pandemic Unemployment Payment (PUP) is expected to fall by around 35,600 after thousands of people returned to work in the last week.
There are 579,000 people registered to received the PUP of 350 euro a week.
“The overall value of the weekly payment is in the region of 202 million euros,” Ms Canavan added.
“Last week approximately 35,600 people in receipt of the PUP returned to work as part of the first phase of the road map to reopening society and businesses.
“These people are receiving their last unemployment payment this week.”
She urged anyone returning to work to close their claim.
Ms Canavan also said that most social welfare is liable to tax.
“In the main, payments from the Department of Employment and Social Affairs are taxable sources of income unless they are specifically exempt from tax,” she added.
“They are subject to income tax but not universal social charge or pay-related social insurance.
“The PUP is a taxable source of income. Depending on an individual’s overall income during a year the PUP may affect their overall tax liability for the year.
“The individual will be liable to pay tax on the PUP amount received at the end of the year when Revenue reviews its tax position.
“Where an individual owes tax, it’s normal Revenue practice to collect any tax owing in manageable amounts by reducing tax credits in a future year or years in order to minimise any hardship.”