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Tuesday 6 December 2016

Extra pay in our pockets next year, says Ibec

Katie OÕDonoghue, placed with Tullamore Dew in San Francisco, Andrew Sweeney placed with Jim Beam in San Francisco and Mary-Jade Hynes, placed with Tullamore Dew in Chicago.
Katie OÕDonoghue, placed with Tullamore Dew in San Francisco, Andrew Sweeney placed with Jim Beam in San Francisco and Mary-Jade Hynes, placed with Tullamore Dew in Chicago.

Workers will, on average, have around three weeks more pay in their pocket by next Christmas than they had at the end of last year, the country's biggest business body has claimed.

That's because of the combination of tax cuts in Budget 2015 and 2016, and pay rises, according to Ibec.

The lobby group, which yesterday also launched a new food and drink graduate programme, claimed the majority of companies intend awarding wage increases next year, of around 2pc on average. Increases in basic pay are most likely in companies in the high-tech sector and in larger companies, as 87pc of high-tech manufacturing firms quizzed by Ibec said they planned wage increases.

Maeve McElwee, Ibec's head of industrial relations and HR, said most workers will feel the recovery in their pay packets next year.

"But we must not lose the hard fought competitive gains of recent years. The focus must remain on job creation," she said.

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