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20/07/2015
Ibec Slams Proposals By The Low Pay Commission
Ibec has slammed plans by the Low Pay Commission for a 50c increase in the national minimum wage.
The group, which represents Irish business, said the case is at odds with all the economic evidence.
It also said the increase would heap pressure on companies still struggling to stay in business.
Ibec CEO Danny McCoy said: "Given the economic evidence available, it is inexplicable how such a rise could be proposed. Prices across the economy are below where they were in 2008 and the real value of the minimum wage has actually increased during the crisis.
"Many businesses still cannot afford pay increases and turnover in sectors such as retail remains up to 20% below the pre-crisis peak. 60% of domestic services companies, for example, are not able to afford pay increases this year.
"If the government accepts the recommendation it is vital that the Budget reduces employer PRSI to off-set the negative labour cost implications."
(CD/LM)
The group, which represents Irish business, said the case is at odds with all the economic evidence.
It also said the increase would heap pressure on companies still struggling to stay in business.
Ibec CEO Danny McCoy said: "Given the economic evidence available, it is inexplicable how such a rise could be proposed. Prices across the economy are below where they were in 2008 and the real value of the minimum wage has actually increased during the crisis.
"Many businesses still cannot afford pay increases and turnover in sectors such as retail remains up to 20% below the pre-crisis peak. 60% of domestic services companies, for example, are not able to afford pay increases this year.
"If the government accepts the recommendation it is vital that the Budget reduces employer PRSI to off-set the negative labour cost implications."
(CD/LM)
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