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30/01/2009
Pay Freeze Looming As Recession Bites
The cold wind of recession is blowing on Irish pay packets as a survey of businesses has found that around 90% of staff are facing either pay cuts or pay freezes this year.
The survey of 350 businesses in Dublin found that pay cuts would be up to 10% during 2009.
The higher paid will be taking the brunt with almost one-third of senior executives taking the highest reductions while junior staff will be more likely to have to contend with just a pay freeze.
The findings were reinforced up by a similar survey in Cork that found half of all businesses there facing job losses.
It has also emerged that 5,000 redundancy notifications are being received every month by the Department of Enterprise, Trade and Employment.
(BMcC/JM)
The survey of 350 businesses in Dublin found that pay cuts would be up to 10% during 2009.
The higher paid will be taking the brunt with almost one-third of senior executives taking the highest reductions while junior staff will be more likely to have to contend with just a pay freeze.
The findings were reinforced up by a similar survey in Cork that found half of all businesses there facing job losses.
It has also emerged that 5,000 redundancy notifications are being received every month by the Department of Enterprise, Trade and Employment.
(BMcC/JM)
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