Wages have begun to take off like there’s no tomorrow in some industries. These new figures show earnings soared by up to 16pc for some lucky members of our two million-plus workforce this year.
But for most, the pace has been pretty modest since the recovery took hold, although there have been signs that things may be about to pick up. Economist Dan O’Brien noted that most of the increases are broadly clustered around an average of about 3pc with just two showing double-digit growth, despite a tighter labour market.
However, soaring rents and childcare costs are driving private sector unions’ plans to lodge pay claims worth a minimum of 3.4pc next year. Even Ibec is predicting similar increases in some sectors.
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But this is at the same time as the Government is warning us to batten down the hatches in the event of a no-deal Brexit.
In these circumstances, anyone who’s managed to lock their employer into a multi-year pay deal could be doing well.
And there are many of them – the 300,000 plus members of the public service, thousands of retail and manufacturing workers and most of the CIÉ workforce.
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