Wage levels in Ireland have remained fairly constant relative to pre-recession trends with little or no growth, until recently, in hourly wage rates .
Figures show that in the decade up to 2008 there was average wage growth of 5.7 per cent per annum . Since 2008 wages have been broadly flat.
In sectors where there are higher vacancy levels – we have seen some increases in wage levels . For example , some sectors such as finance, professional activities and IT have relatively high vacancy rates and higher wage growth.
In the recession between 2007 and 2012 – over 300,000 jobs were lost . But – by the second quarter of 2017 the numbers in employment were back to just 80,000 below the pre-recession peak. Since 2013 there has been a big increase in the numbers employed.
The unemployment rate in 2016 was 7.9% – it is forecast to drop to 5.6% in 2018
3% Pay Increases Forecast
A recent report by the Central Bank of Ireland said the short term outlook for unemployment suggests a further moderate pick-up in wage inflation over the next year or so . They suggested an hourly wage growth of around 3 % is envisaged for 2018.
The minimum wage is due to increase in January 2018
It will increase from €9.25 to €9.55 per hour. This corresponds to an increase of 3.2%
More details of Minimum Wage in 2018 here