Wages rise by 6.2% this year

WAGES in small and medium size businesses have increased by 6.2% this year.

A major survey of pay in the SME sector by the ISME found that across all sectors there were large hikes in pay with the average increasing by 6.2% in 2003 compared to an average 2.8% rise in other European countries.

Employees in the technology sector recorded the biggest jump in pay, up 7.2%, while craft workers took home an extra 6.7%. The survey found that an increasing number of employees are receiving fringe benefits which, coupled with pay rises, are acting as incentives for recruiting and retaining employees.