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Rising prices have wiped out wage increases in the last three months of 2021

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Wage increases late last year were not enough to keep up with stronger household bills.

Average hourly hile earnings were up 2.6 percent in Q4 2021, compared to 2020, inflation has been at more than 5 percent since October.

Average weekly earnings rose 2 percent in the fourth quarter, compared with the same period in 2020, data from the Central Statistics Office showed.

Private companies are more generous than the public sector, with average weekly earnings up 2.7 percent versus 1.1 percent, respectively, at the end of 2021, compared with the end of 2020.

The salary increase was slightly higher than the previous quarter.

Average weekly earnings rose 6.1% in the three months to December, compared with the previous three months, for unrestricted sectors.

But pay in the accommodation and food sectors fell 2.3 percentage points from the previous quarter, while it increased 12.5 percentage points in the finance, insurance and real estate sectors.

Across all jobs, including those supported by the Employment Wage Subsidy (EWSS) program, average weekly wages rose 3.4 percent in the fourth quarter, compared with the fourth quarter. father.

EWSS payments accounted for 45.6 percent of total income in the accommodation and food sectors at the end of last year and 19.9 percent in the arts and entertainment sectors.

“In and across economic sectors, the impact of the COVID-19 crisis continues to play out very differently,” said CSO statistician Louise Egan.

Ms Egan called for caution when interpreting the fourth-quarter data as they “continue to be influenced by lower response rates compared to 2019”.

Meanwhile, the job vacancy rate – the ratio of vacancies to the number of positions filled – rose almost fully to 1.4 per cent in the fourth quarter of 2021 from the same period in 2020.

Vacancy rates have skyrocketed during the pandemic, putting workers in a key position to demand higher wages this year.

Private sector unions have advised employees to look for a pay rise of between 2.5pc and 4.5pc this year.

But Siptu, the country’s largest union, said last month that it would “reassess” its campaign to raise wages to account for rising inflation.

The country’s 340,000 public sector workers are also in need of a pay rise above the 3pc increase they agreed to in 2020. Negotiations with the Government will begin in May.

https://www.independent.ie/business/jobs/price-hikes-wiped-out-wage-gains-in-the-final-three-months-of-2021-41400275.html Rising prices have wiped out wage increases in the last three months of 2021

Fry Electronics Team

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