60% of firms set to give pay raises this year

Almost 60% of companies will give their staff pay raises in 2015 and just 1% will cut pay, according to a survey.

The Irish Business and Employers Confederation (Ibec) said the average increase to basic pay predicted by the 462 surveyed companies was 2%.

The employers’ body’s analysis found that the wage increases, combined with changes in employee numbers, would increase companies’ total pay bills by 55% during the course of this year.