Banking & Payments Federation Ireland (BPFI) is today advising businesses that due to the upcoming European May Day holiday, payment requests for wages and salaries due on the 1st May should be submitted earlier to ensure employees receive their pay on time.
Explaining the impact of this Gill Murphy, Head of Payment Schemes, BPFI said: “With the annual European Mayday holiday falling on Friday May 1st European institutions including the European Central Bank, which operates the banking settlement system across Europe, is closed. And although banks are open in Ireland on that day, the European holiday means that electronic payments in EURO cannot be made to bank accounts on this day in Ireland or anywhere across Europe. Essentially this means that anyone expecting a EURO payment into their bank account on this date may not receive the payment until either Monday 4th or Tuesday 5th May as, in addition to the European holiday Monday 4th May is a bank holiday in Ireland.”
“We are now advising businesses paying employees or suppliers to please allow additional time for payment(s) to reach the beneficiary. Employers who normally pay weekly wages into employee’s accounts on a Friday, or monthly salaries on the 1st of the month, will need to submit their payment requests to their bank by Wednesday 29th April with employees receiving their funds on Thursday 30th April. This is the only way to ensure that funds are available to employees on Friday 1st May and over the weekend.”
“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.” Gill Murphy added. Standard payment processing cycles will apply from Tuesday 5th May.
BPFI member banks are engaging directly with business customers and government departments in to ensure, 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.
Note: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland and the Fintech & Payments Association of Ireland, BPFI has 100 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.
Contact: For further information contact Jillian Heffernan, Head of Communications, firstname.lastname@example.org 087 9016880