BANKS HAVE BEEN contacting employers in recent weeks to ensure there’s no repeat of problems that saw thousands of people left without wages this time last year.
The May Day bank holiday takes place in Ireland next Monday – but on the Continent, the holiday is being observed on Friday.
It means that inter-bank transactions won’t be processed on either Friday or Monday.
Companies and government agencies with large payrolls have been advised to arrange payments a day early – otherwise, many workers expecting to get their monthly payment on Friday wouldn’t get it until next Tuesday.
Industry body the Banking and Payments Federation, Ireland has also placed ads in national papers in recent weeks, advising bosses of the deadline.
“Employers, for example, who normally pay weekly wages on Friday or monthly salaries on the 1st of the month (including standing orders) will need to submit their payments to their bank by Wednesday 29th April to ensure that beneficiary accounts are updated (credited) on Thursday 30th April,” the BPFI notice said.
“If employers do not pay early, some employees may not receive their wage/salary payments until Tuesday 5th May, as Monday 4th May is a local bank holiday in Ireland.”
A pan-European payment system came into effect last year – and problems over the May bank holiday weekend in 2014, dubbed a ‘SEPA holiday’, caught many people off-guard, despite a pre-deadline information campaign.
A spokesperson for Bank of Ireland said the bank had been pro-actively contacting employers in recent weeks as part of an industry-wide awareness effort, and that the response had been very positive.
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