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Minister Sean Sherlock, who welcomes the new Budget measures which will see more investment in job creation.

Twenty-five jobs measures announced in Budget 2014 will represent an investment of €500 million in job creation, playing a critical role in supporting Ireland's recovery, both nationally and locally. This is according to Minister of State for Research and Innovation, Sean Sherlock, who said that the measures will support SME's, see cumbersome red tape cut and increase access to credit for businesses. 

Two the more significant measures include the retention of the 9% VAT rate in the tourism sector and the air travel tax being scrapped.

"These measures will see immediate results, especially in the hospitality sector where the VAT rate has proven to be an effective tool to boost confidence in a sector that is of vital importance to the economy. Coupled with the Home Renovation Incentive, which will ease the burden on homeowners and squeeze the black market economy, these measures are of considerable benefit to the Cork region," Minister Sherlock said.

He also stressed that SMEs are the lifeblood of the economy and welcomed news that the annual VAT cash receipts basis threshold for SMEs will increase from €1.25 million to €2 million from May 1, 2014.

YOUTH GUARANTEE

Minister Sherlock also welcomed measures specifically aimed at young job seekers under the age of 25. "As part of the Youth Guarantee, Labour has secured a €14 million fund, which will provide for additional activation places for people under 25."

The eligibility for the JobsPlus programme is to be reduced to six months or less for people under 25. There will also be an extra intake of 1,500 on the JobBridge initiative, while 1,000 places have been made available for young people on the TUS community work placement scheme.

"These measures give employers a specific and enhaned incentive to hire young people under 25 who are on the live register, while in the areas of skills and training, there is a minimum additional 2,000 free training places on the Momentum programme - ringfenced for under 25s," the Minister said.

He added that this year's Budget is very positive from the point of view of job creation and training, specifically for young people. 

The expenditure on Jobseeker's Benefit and Allowance will also be reduced by €130 million, as younger people will no longer receive the full adult rate, as it can lead to a dependence on welfare without any incentives to pursue education or training opportunities. By extending the €100 rate to ages 22, 23 and 24, this means that claimants will be at least €60 better off if they engage in education or training, rather than only having €16 more.

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