2 weeks Ago By Ríona Maguire
IRISH employees have been warned that they “may not receive” their wages or salary on time next week due to a European holiday. And, with payments between banks likely to be “subject to delays”, employers are urged to ensure wages and salaries are submitted earlier than usual. The European May Day holiday on Thursday May 1 means electronic euro payments between banks on that day may be delayed.
And businesses have been urged to ensure that payment requests for wages and salaries due on May 1 are submitted earlier. If they are not, employees won’t receive their payments on time. Banking and Payments Federation Ireland warned that, even though banks in Ireland will remain open on that day, electronic payments cannot be made in euro on that day.
Explaining the impact, Leah Donnelly, BPFI’s Manager of Payment Schemes, said: “The annual European May Day holiday falls on Thursday May 1 and European institutions including the European Central Bank, which operates the banking settlement system across Europe, will be closed. “While banks are open in Ireland on that day, the European holiday means that electronic payments in EURO cannot be made to bank accounts in Ireland or anywhere else across Europe. “Essentially this means that anyone expecting a EURO payment into their bank account on this date may not receive the payment until Friday May 2.
” Consumers and businesses paying employees or suppliers must allow more time for payments to reach the beneficiary. And the payment must be made in just four days time. Donelly explained: “Employers who normally pay weekly wages into employees’ accounts on a Thursday, or monthly salaries on the 1 of the month, will need to submit their payment requests to their bank by Tuesday April 29, with employees receiving their funds on Wednesday April 30.
”It has been confirmed that standard payment processing cycles will apply again from Friday, May 2. A BPFI spokesperson said: “BPFI member banks are engaging directly with their customers and government departments to ensure that, where necessary, payments impacted by this are paid early and are processed on time. “As such, customers should raise any queries they may have directly with their bank, credit union or post office.
” WHAT IS MAY DAY?MAY Day celebrations are held on the first of the month every year with its traditions dating back hundreds of years.The day is meant to coincide with the arrival of warmer weather and longer days, with the earliest records of a spring festival dating back to Ancient Egyptian times.May Day is traditionally a Pagan festival, Belthane, which says goodbye to winter and marks the beginning of summer.
And although summer doesn’t properly begin until June, May Day marks the beginning of the season.While May 1 itself is not a bank holiday, the first Monday following that date is declared a national holiday.Separately, consumers will be hoping that banks in Ireland won’t face into any technical problems on the bank holiday on May 5.
IT issues are often reported on bank holidays. Over the Easter bank holiday, PTSB reported that it was “experiencing technical difficulties” on its bank’s website and app. Dozens of customers were furious over the incident, taking to social media to share their frustration.
One declared: “I’m closing my account. And this happens before a bank holiday. Shame on you.
”Another customer wrote: “Can you let your customers know what’s happening please. App down, site down, can’t get through on phone and no info anywhere”.The IT issue was later resolved by the bank.
Businesses are urged to ensure payment requests for wages and salaries due on May 1 are submitted earlierGetty Images - Getty.
