Latest news with #EuropeanMayDay
The Irish Sun
25-04-2025
- Business
- The Irish Sun
New ‘may not receive payment' warning for Irish workers in DAYS as employers told to pay early amid wage delay fears
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. Advertisement The European 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. Advertisement READ MORE IN MONEY 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 "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. Advertisement MOST READ ON THE IRISH SUN 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. Advertisement "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 " Advertisement Dozens of customers were furious over the incident, taking to 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. Advertisement 1 Businesses are urged to ensure payment requests for wages and salaries due on May 1 are submitted earlier Credit: Getty Images - Getty
RTÉ News
25-04-2025
- Business
- RTÉ News
Businesses urged to avoid pay delays on European May Day
Consumers and businesses are being warned of possible delays to electronic euro payments between banks on the upcoming European May Day holiday on May 1. Banking and Payments Federation Ireland (BPFI) is urging businesses to ensure that payment requests for wages due on that day be submitted earlier to ensure employees receive their pay on time. "This year 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," said Leah Donnelly, Manager of Payment Schemes, BPFI. "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 2 May," she said. Ms Donnelly said employers who normally pay weekly wages into employees' accounts on a Thursday, or monthly salaries on the 1st of the month, will need to submit their payment requests to their bank by Tuesday 29 April with employees receiving their funds on Wednesday 30 April.
Irish Independent
25-04-2025
- Business
- Irish Independent
Consumers warned that May Day bank holiday likely to cause payment delays
Next Thursday is a bank holiday across most European countries, but in this country the May bank holiday falls on the 5th of the month. The Banking and Payments Federation Ireland (BPFI) has warned consumers and businesses, that due to the upcoming European May Day holiday on Thursday, May 1, electronic euro payments between banks on that day may be subject to delays. Businesses, in particular, were urged to ensure that payment requests for wages and salaries due on the May 1 are submitted earlier to ensure employees receive their pay on time. Manager of payment schemes at the banking body Leah Donnelly said: 'This year 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,' she said. Ms Donnelly said employers who normally pay weekly wages into employees' accounts on a Thursday, or monthly salaries on the first 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. "Standard payment processing cycles will apply from Friday, May 2,' she said. The Banking and Payments Federation advised consumers, and particularly businesses paying employees or suppliers, to allow additional time for payments to reach the beneficiary. Consumers will be hoping that banks here are not hit by technical problems on the May bank holiday, as IT issues are often reported on bank holidays. The Easter bank holiday weekend this month saw customers of PTSB hit with technical problems with the bank's website and app. The technical issue came ahead of the Easter bank holiday weekend when people tend to increase their spending. Customers reported that attempts to open the app are not working. They get a message stating: 'Timeout Error'. Users have reported the message saying: 'The PTSB app is currently experiencing technical difficulties. Please try again later or call us.'
