In 2013, the Employment Tax Incentive Act 26 saw its first publication.
The key intention of the Act was to encourage employers to actively employ young adults who had never been employed, with the intent to provide work opportunities, develop skills, and generally expose these youngsters to the world of the formal workplace.
In return, employers would receive a rebate against their monthly PAYE bill for each individual that was employed for that month and who met the qualifying criteria.
This would lead to employers creating work opportunities in the form of new jobs that they ordinarily would not have done.
Due to the schemes’ success over the years, the sunset date for the ETI scheme has been extended numerous times, with the most recent being set for February 2029.
Since the Act was released, there have been quite a few updates aimed at refining certain aspects of the Act, the latest being the updated definition of “wage” and some of the calculation formula parameters.