'Ireland needs a pay rise' union conference hears as corporate profits surge

Employers have been urged to pay a fair wage to workers as corporate profits reach almost €30 billion in Ireland, at a national trade union conference held this week. 

Speaking at the Irish Congress of Trade Unions (ICTU) biennial conference in Kilkenny, Labour finance spokesperson Ged Nash called for a national pay increase.

Deputy Nash said: “Real wage reductions remain a very serious issue for workers, particularly in the context of exorbitant profits by business.

“At the start of the cost of living and inflation crisis, this government was warning workers not to seek pay rises. 

“They issued no such warnings to big business who have gone on to post record profits and engage in a level of profit taking that the ECB and others have said has fuelled inflation," Deputy Nash said. 

He said the Labour party is urging all employers to question if they are paying a fair and decent wage to their employees? 

"Ireland needs a pay rise. Government must be a leader here and provide decent pay increases to those working in the public sector, especially at a time when government itself has recognised the State is too small and needs to be expanded," Deputy Nash said. 

"With corporate profits reaching almost €30 billion in Ireland, last year and up 30% on an annual basis, there are companies in this country boosting their own cash reserves and paying out enormous dividends at the expense of ensuring that workers can survive a cost-of-living crisis, some of which has been driven by companies’ own profiteering. 

"While nominal wages have risen across most sectors of the economy, the reality is that the vast majority of workers are experiencing real wage reductions. For the first time since 2013, living standards in Ireland have slipped," he said.