Waterford Chamber has asked the Minister for Public Expenditure, Infrastructure, Public Services, Reform and Digitalisation, Jack Chambers TD, to make further changes to the Small Benefit Exemption Scheme which would strengthen local economies.
The increase in the exemption threshold from €1,000 to €1,500, and the expansion to allow up to five non-cash benefits per annum, have been warmly welcomed by employers and employees alike. These changes have significantly enhanced the attractiveness and practicality of the scheme, particularly for local incentive programs such as the Think Waterford First Gift Card. This closed-loop Mastercard program is specifically designed to encourage spending with local businesses in Waterford, supporting a wide range of sectors from retail and hospitality to services and beyond.
Unlike national open-loop Visa gift cards, which can be spent with online retailers, international platforms, and outside local communities, the Think Waterford First Gift Card ensures that every euro is retained and recycled within the Waterford economy.
Waterford Chamber firmly believes there is an opportunity to build on the success of the 2025 changes by making a further targeted amendment to the scheme. Specifically, Waterford Chamber proposes that open-loop Visa gift cards be excluded from qualifying under the Small Benefit Exemption Scheme. This single refinement would incentivise employers to opt for local reward options, ensuring that employee benefits have a dual impact, rewarding staff while directly supporting local economies.
To illustrate the potential impact, if every employee in Waterford received the full €1,500 allowance via the Think Waterford First Gift Card, it could inject up to €45 million annually into the local economy. This would be a significant boost for local businesses and a meaningful step toward building economic resilience in regional communities.
