Just 10% of firms plan pay cuts

JUST over one in 10 firms are planning pay cuts this year with a fifth believing a recovery will be evident before the end of the year.

According to the latest KBC/Chartered Accountants business sentiment survey, 69% of firms have cut pay in the past two years but 13% said they cut pay in the past three months.

The survey said business sentiment is pointing to positive GNP growth in the second quarter of this year with increased business activity suggesting modest growth is underway.