Hard data from CSO cuts through unfounded assertions on widespread pay cuts from stockbroker economists and employers organisations
9 Jun 2009
"Hard data from the CSO today cuts through the unfounded assertions on widespread pay cuts from stockbroker economists and employers organisations" Paul Sweeney Economic Advisor to Congress said.
Hourly labour costs in industry rose by 5.4% last year. Overall earnings rose by 4.5% in the year to December 2008 and by slightly more in financial services.
While there is considerable retrenchment in employment and earnings this year, indications are that a considerable number of employers are paying the terms of the existing Agreement. Unions are agreeing to pay freezes in many employments, while some are negotiating reductions in pay (and other solutions) in order to maintain employment in those firms under pressure.
Sweeney said that innovative ways of maintaining people at work is the key challenge to unions, employers and government during this recession.
And the tiny numbers dependent on the minimum wage in industry, where pay is generally higher than many other sectors, actually fell in the year and was only 1.6%of those employed in industry at end 2008.
For further information contact; Paul Sweeney, Congress Economic Advisor on 086 2052572.