Irish firms 'to raise wages 3.8%' next year

Ibec report reveals businesses involved in hospitality, tourism, and leisure expect to raise wages by 6.5%, while retailers expect to pay staff 5.2% more

Many Irish firms plan to increase wages next year by 3.8%, which is likely to be close to the rate of inflation, according to Ibec.

Many Irish firms plan to increase wages next year by 3.8%, which is likely to be close to the rate of inflation, according to a major survey by business group Ibec.

Its Pay and HR Trends Report also found that businesses involved in hospitality, tourism, and leisure expect to raise wages by 6.5% in 2024, while retailers expect to pay staff 5.2% more. 

The increases reflect the high turnover and the difficulties facing firms recruiting staff, the survey found.  

"Today's pay trends report reveals that pay increases are generally in line with inflation," said Maeve McElwee, executive director of employer relations at Ibec.

"However, some sectors, like hospitality and retail, stand out with notably higher-than-average pay increases, which can be attributed to labour shortages within these industries," she said.