The State has paid out nearly €1.7bn to employers as part of the COVID-19 Temporary Wage Subsidy Scheme.

The wages of around 405,000 workers are currently being subsidised by the State, according to the latest figures from the Revenue Commissioners.

Revenue said nearly 63,000 employers have registered for the scheme since it was introduced, with nearly 57,000 having received subsidy payments to date.

Around 150,000 companies who were making use of the scheme earlier in the pandemic have now withdrawn from it.

The scheme was introduced in late March and was originally due to run until the end of this month.

The Government has since extended it until the end of August.

Revenue said the subsidy payments will be “subject to tiering and tapering” as businesses start too recover in the coming weeks.