Over 75pc of small firms set pay freezes
Published 22/08/2011 | 05:00
MORE than three-quarters of small businesses across the country are continuing to implement pay freezes this year, according to a new survey by the Small Firms Association (SFA).
The news comes almost three years after the financial crash of 2008 triggered a wave of pay cuts and freezes across virtually all kinds of Irish companies.
Some multinationals have resumed 'normal service' by lifting pay freezes, but the latest SFA survey shows 76pc of small firms have frozen salaries this year, and 68pc expect the freeze to endure into 2012. Another 7pc cut pay this year -- typically by about 10pc -- while 3pc of all respondents expect to have to cut pay by the same amount again in 2012, the survey found.