Tuesday 21 November 2017

Wage comparisons do not tell the full story

It is disingenuous of IBEC to compare the minimum wage and other wages directly with those in the UK by applying the present exchange rate between the two currencies.

Not so long ago Stg£1 was worth about €1.50 and at those rates the UK minimum wage was about 3pc higher than the Irish rate.

It would be disingenuous but less so to compare our rates with those in Switzerland where the minimum rate is between 20 Swiss francs and 30 Swiss francs, depending on the number of hours worked in a particular employment. At present exchange rates the lowest of these works out at €15.93 per hour, which is 84pc more than the Irish rate.

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