janvier 24, 2022

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Wage increases of up to 4.5 percent will be demanded for private sector workers next year

A wage increase of up to 4.5% for workers in the private sector should be sought next year, according to guidance issued by labor union leaders today.

The Private Sector Committee of the Irish Congress of Trade Unions has advised that wage demands of 2.5% to 4.5% be made to employers in its guidance on wage negotiations in 2022.

In a prospectus issued after today’s meeting, it said that inflationary pressures have been increasing in recent months.

« It is essential that workers equitably share in the gains from the economic recovery, » she said.

She said the main factors contributing to inflation are transportation costs which contribute 39 percent mainly reflected in the rise in diesel and gasoline prices.

Housing and home energy coats make up 36 percent, primarily due to rising rents and the cost of home heating and electricity, while 12 percent is due to restaurant and hotel prices.

« Overall, we can see that the rebound in energy costs is the main contributor to inflation, » she said.

The committee said the recovery of the economy is « gaining strength » and rapid economic growth is likely to be in 2022.

She said retail sales rose 9% between October 2019 and the same month this year and noted expectations that personal consumption will grow strongly as pent-up demand increases and household savings fade.

However, he said, this strong projection assumes a small amount of economic disruption from the Covid-related lockdowns.

She said the number of PUP beneficiaries had fallen to less than 55,000 by the end of October, but could rise in December to January due to the impact of the restrictions.

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She also said the number or recipients should drop again after that.

The bulletin noted that there is evidence of labor shortages in areas such as leadership, software and construction, and vacancy rates are at their highest recorded since at least 2008.

She said wages will need to grow by more than 2 percent next year to keep up with the cost of living, with increases beyond this only representing « real » wage increases.

« Given the commentary in the previous sections of this prospectus, it is clear that unions in the private sector will be justified in pursuing minimum wage increases in the region from 2.5% to 4.5% in 2022, » she said.

“When approaching wage bargaining unions, they should pay particular attention to the disproportionate effect of inflation on low-wage workers.”

Co-Director of the Nevin Institute for Economic Research, Tom McDonnell, commented, “If wages do not increase by at least 2.5%, then wages are declining in real terms.

Only real increases in wages are increases in excess of that. We’ll see that these are very reasonable wage claims. It is important that everyone benefits from recovery. This means companies, but also workers. It can not only be installed on the openings. Wages have to be part of that.”