30,000 jobs will be lost this year

REDUNDANCIES will hit 30,000 this year, wiping out the benefits arising from the creation of new jobs, according to small business lobby group the Small Firms Association (SFA).

Director Pat Delaney said pay in Ireland was over 30% higher than the EU average and the rate of wage growth was twice as high as our main competitors at 5%.

Mr Delaney said the projected redundancy level "would be a very unwelcome outcome and underpins the need for deeper and faster pay moderation, particularly among manufacturing companies." Redundancy levels were now at a 22-year high and running at a level of 500 people each week so far in 2004, according to the SFA. Almost 9,000 people have been made redundant this year, which is 8% higher than the same period last year.