More pay cuts, freezes and reduced hours on the way
MORE pay cuts, wage freezes and reduced working hours are predicted among private sector firms this year as the recession continues to bite.
Over four in 10 businesses are planning further cuts to their wage bill in 2010 through either pay freezes, cuts or reduced hours.
The figures, revealed in a North/South survey, show that pessimism in the Republic about jobs and wages is far greater than in the North, with more than twice the number of firms in some cases predicting wage cuts or reduced working hours for their staff.
A total of 1,000 private sector firms (500 on each side of the Border) were surveyed by Millward Brown as part of an ongoing monitor of business by InterTradeIreland.
While its latest figures for the last quarter of 2009 show that 51pc of companies surveyed said they had already cut their wage bill last year, 44pc of businesses were planning further cuts this year.