Common use of Economic and Fiscal Context Clause in Contracts

Economic and Fiscal Context. 1.1.1 The discussions leading to this Agreement took place against a difficult economic and fiscal backdrop, in a landscape dominated by the twin challenges of Brexit and the COVID-19 public health emergency. 1.1.2 The economic fallout from COVID-19 has been considerable. The necessary investment in health and other public services, social protection measures and business supports in response to the emergency has been unprecedented. Significant fiscal and economic challenges for the country include:  The State is on course to run a significant deficit in 2020, with the economy expected to contract as a result of the many restrictions on economic activity that have been necessary to minimise the health impacts of the pandemic.  While the standard measure of monthly unemployment was 4.7% in November 2019, a new COVID-19 adjusted measure of unemployment could indicate a rate as high as 21% in November 2020 if all claimants of the Pandemic Unemployment Payment were classified as unemployed.  The total public service pay bill is projected to be €23.5 billion by end 2021. This is an increase of €5.6 billion or 32% since 2017, which reflects a range of factors. 1.1.3 Against this backdrop, this Agreement is an extension of the framework of public service agreements, including the most recent (the Public Service Stability Agreement 2018 – 2020), and has a number of objectives:  To support broader strategies to bring about a post-COVID-19 economic recovery.  To provide certainty and stability for the Government, public service users and public servants over the lifetime of the Agreement.  To establish a normalised collective bargaining environment, moving beyond the FEMPI-era restrictions and the COVID-19 pandemic.  To maintain the momentum of reform and change exemplified by the public service during this public health emergency.

Economic and Fiscal Context. 1.1.1 The discussions leading to this Agreement agreement took place against a difficult economic and fiscal backdrop, in a landscape dominated by the twin challenges of Brexit and the COVID-19 COVID 19 public health emergency. 1.1.2 The economic fallout from COVID-19 has been considerable. The necessary investment in health and other public services, social protection measures and business supports in response to the emergency has been unprecedented. Significant fiscal and economic challenges for the country include:  • The State is on course to run a significant deficit in 2020, 2020 with the economy expected to contract as a result of the many restrictions on economic activity that have been necessary to minimise the health impacts of the pandemic.  • While the standard measure of monthly unemployment was 4.7% in November October 2019, a new COVID-19 adjusted measure of unemployment could indicate a rate as high as 2120.2% in November October 2020 if all claimants of the Pandemic Unemployment Payment were classified as unemployed.  • The total public service pay bill xxxx is projected to be €23.5 billion by end 2021. This is an increase of €5.6 billion or 32% since 2017, which reflects a range of factors. 1.1.3 Against this backdrop, this Agreement agreement is an extension of the framework of public service agreements, including the most recent agreement (the Public Service Stability Agreement 2018 – 2020), ) and has a number of objectives:  • To support broader strategies to bring about a post-COVID-19 COVID economic recovery.  • To provide certainty and stability for the Government, public service users and public servants over the lifetime of the Agreementagreement.  • To establish a normalised collective bargaining environment, moving beyond the FEMPI-era restrictions and the COVID-19 Covid 19 pandemic.  • To maintain the momentum of reform and change exemplified by the public service during this public health emergency.

Economic and Fiscal Context. 1.1.1 The discussions leading to this Agreement took place against a difficult economic and fiscal backdrop, in a landscape dominated by the twin challenges of Brexit and the COVID-19 public health emergency. 1.1.2 The economic fallout from COVID-19 has been considerable. The necessary investment in health and other public services, social protection measures and business supports in response to the emergency has been unprecedented. Significant fiscal and economic challenges for the country include:  • The State is on course to run a significant deficit in 2020, with the economy expected to contract as a result of the many restrictions on economic activity that have been necessary to minimise the health impacts of the pandemic.  • While the standard measure of monthly unemployment was 4.7% in November 2019, a new COVID-19 adjusted measure of unemployment could indicate a rate as high as 21% in November 2020 if all claimants of the Pandemic Unemployment Payment were classified as unemployed.  • The total public service pay bill is projected to be €23.5 billion by end 2021. This is an increase of €5.6 billion or 32% since 2017, which reflects a range of factors. 1.1.3 Against this backdrop, this Agreement is an extension of the framework of public service agreements, including the most recent (the Public Service Stability Agreement 2018 – 2020), and has a number of objectives:  • To support broader strategies to bring about a post-COVID-19 economic recovery.  • To provide certainty and stability for the Government, public service users and public servants over the lifetime of the Agreement.  • To establish a normalised collective bargaining environment, moving beyond the FEMPI-era restrictions and the COVID-19 pandemic.  • To maintain the momentum of reform and change exemplified by the public service during this public health emergency.