Survey: High tech firms and larger companies planning pay rises in 2016

People working for high tech firms and larger companies look set for a pay rise in 2016.

A survey by employers group IBEC found 87% of such companies plan to pay more next year.

Overall, 71% of firms have pencilled in pay hikes for 2016, averaging at 2%.

However, IBEC claims that a significant number of companies, particularly smaller companies, still can not afford to raise pay levels.

The group's head of Industrial Relations and HR Maeve McElwee believes pay moderation will benefit the economy.

“We mustn’t repeat the mistakes of the past,” said McElwee.

“(We’ll) see our costs spiral and lose our competitive edge, in effect what will happen then is we will pay for it in jobs and we’ll still end up with a very high unemployment rate.”

You can read the survey in full here.