The Congress Private Sector Committee has published Pay Bargaining Guidance for Unions in the Private Sector for 2024.
The committee stated that based on an analysis of the prevailing conditions in the private sector of the economy the PSC believes that in 2024, it is appropriate for unions in the private sector to seek to secure pay increases in the range of 4% to 6%, where affordable.
The Committee has also pointed to other options that unions have available to them and should also seek to:
• Improve the position of lower-paid workers for example, by improving new entrant rates of pay;
• Secure and protect weekly working hours;
• Utilise where appropriate measures such as the Small Benefits Exemption Scheme;
• Introduce and enhance service pay awards;
• Secure additional non-pay benefits, for example, shorter working time, additional annual leave, increased sick pay benefits, and improved pension benefits.
Congress General Secretary Owen Reidy said 'It should be noted that real wages declined in 2022 and again in 2023 so that workers’ wage gains will need to be somewhat higher than inflation in order to begin to catch up.
Forecasts across a range of institutions are generally projecting inflation in the region of 3% in 2024. It is therefore likely that nominal wages will need to grow in the region of 3% in 2024 (and over 5% over the next two years) merely to keep pace with the cost of living.
Mr. Reidy added that ongoing gains in labour productivity across the economy and the need for cost of living 'catch-up' must also be factored into consideration. As such, it is appropriate for unions to seek pay increases in the range of 4% to 6% in 2024’
Read the report here https://www.ictu.ie/publications/private-sector-pay-guidance-2024
