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Minium Wage Rise Would 'Significantly Affect Retailers'

Published on Jul 19 2017 9:44 AM in Retail tagged: Featured Post / Ibec / Retail Ireland / Featured Posts

Minium Wage Rise Would 'Significantly Affect Retailers'

The proposed rise in minimum wage would 'significant affect retailers' and could threatens competitiveness within retail sector, according to Retail Ireland.

The Ibec group that represents the retail sector, recently expressed deep concern at the Low Pay Commissions recommendation to increase the National Minimum Wage to €9.55 in 2018, an increase of €0.30.

Thomas Burke, director, Retail Ireland Director said: “With little to no inflation in consumer goods and growing concern over the impact Brexit is already having on the retail sector, there is absolutely no economic basis for a further increase to minimum wages."

It is reportedly the third time in as many years that the Low Pay Commissions also have recommended an increase, and leads to a cumulative increase of over 10% since January 2016.

“This recommendation does not reflect the realities facing the Irish retail sector at present. Over the past twelve months, the performance of the retail sector has been mixed with a notable reduction in the pace of retail sales value growth since the UK’s decision to leave the EU." He said.

"Continuing volatility in sterling has intensified pressure on retailers from competitors in Northern Ireland and UK based online retailers, and Irish retailers continue to cut prices to remain attractive to Irish shoppers."

© 2017 - Checkout Magazine by Donna Ahern

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