Pay rise? It’s just around the corner, claims survey

WORKERS can look forward to an average pay rise of at least €10 a week next year after companies posted ‘solid gains’ recently, a new survey shows.

Average pay is €26,800 a year so a forecasted average 2% rise would add €536 to workers’ salaries.

‘Companies continued to post solid gains in business volumes in recent months but the pace of growth in activity appears to have eased somewhat of late,’ says the KBC Bank/ Chartered Accountants Ireland business sentiment index.

It also found half of businesses fear a negative impact from Brexit and only one in six expect it to be positive.

However, as the country nears full employment, companies are also struggling to find the right staff.

Companies were also asked what pay rises they were planning for next year. It found increases of less than 2% were most common, followed closely by increases of between 2% and 3%, with two thirds of firms.

Aggregating the responses to this question across all sectors, the survey suggests the average pay increase envisaged in Irish-based companies in 2018 is 2%.

Chartered Accountants Ireland chief Barry Dempsey said: ‘A stillhealthy business environment has seen a slight pick-up in new hiring even though the survey suggests finding suitably qualified employees has become more difficult.’