Workers in Ireland essentially took a pay cut of almost 4 per cent in 2022, with wage growth falling short of inflation, and pay packages for chief executives rising by more than a quarter, Oxfam said, reports Breaking News.
Irish workers did not achieve this global average last year, taking a 3.9 per cent pay cut, a loss of €2,107 in real wages compared to wages that kept pace with inflation.
This means you work 8.3 days for free. The total damage to workers in Ireland was €5 billion, according to Oxfam.
Last year the Irish Times reported a 27 per cent rise in 2021 for 18 of Ireland’s largest listed companies, which equates to an average pay package of €3.46m.
This compares to CEO rises of 15 per cent in the US and 4.4 per cent in the UK.
Oxfam Ireland Chief Executive Jim Clarken said the charity highlighted “a very clear and alarming trend” in global inequality, reports Breaking News.
“This International Workers’ Day, most people across the world find themselves working longer for less and struggling to keep up with the cost of living. Perhaps most alarmingly, we’ve seen progress in reducing extreme poverty grind to a halt with extreme wealth and extreme poverty having increased simultaneously for the first time in 25 years. Poverty is once again on the increase. We urgently need greater taxation of the ultra-rich as a measure to fight inflation and inequality,” Mr Clarken added, reports Breaking News.
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