Workers set to face wage cuts
THE vast majority of Irish businesses are set to freeze or slash pay rates this year, according to a new survey.
Research conducted by the Irish Business and Employers Confederation (IBEC), which surveyed 400 companies, found that while some expect to hire in 2012, pay rates had to reflect reality.
Irish wages were significantly higher than other EU countries last year, it said.
"Job protection and creation remains the priority for most businesses," said IBEC director Brendan McGinty.