FX Volatility

FX Volatility

How can an employee increase his pay by 20%? Simple - do nothing!

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Director and Head of Global Mobility Services

KPMG in Ireland


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FX Volatility

The current strength of the US dollar (USD) against the Euro means that US employees working in Ireland and remunerated under a USD contract could earn significantly more income in Ireland in 2015 than in 2014. On July 23rd 2014, the USD was worth 74 cents against the Euro.

On January 23rd 2015 it was worth 89 cents. An increase of 20% - what a difference 6 months makes! This is welcome news for any US expatriates living in Ireland or the Eurozone and remunerated in USD as they will have more money in their pocket. In addition, this extra income will be taxed in Ireland at the top marginal rate of income tax and USC of 48% bringing additional revenue to the Irish Exchequer. Of course, for any Irish employer getting charged for the direct cost of these employees (and there is no hedging in place), the employment costs for the Irish business will also increase.

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