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Ibec CEO Warns Against Excessive Pay Claims

The Ibec CEO Conference 2016 takes place today (21 April) in Dublin’s RDS, and Ibec CEO Danny McCoy is set to use the event as a chance to warn against excessive pay claims, and the risk of increased industrial action undermining some of the recent positive economic progress.

As part of his keynote address, McCoy will say there “can be no return to bubble-economy wage inflation or spiralling relativity pay claims of the past.”

According to McCoy, "Pay rises and budget tax cuts mean workers will get the equivalent of about two weeks additional pay this year. Compared to 2014, the average worker will be better off by almost one month’s pay by the end of the year.

"This is at a time of historically low inflation. The cost of goods and services across the economy is similar to what it was in 2008. This reality needs to be reflected in wage expectations."

Another one of his key points will be that the idea that wages should increase to make property more affordable suggests that one of the key lessons from the economic crisis has been forgotten.

"A major and far-reaching new approach is needed to improve the supply and affordability of new housing, but wage hikes are not part of the solution. If labour costs spiral and we lose our competitive edge, we will pay for it in jobs."

The Ibec CEO Conference 2016 will also be addressed Strategist and author Alastair Campbell, FT Chief Foreign Commentator, Gideon Rachman and Economist David McWilliams, alongside others.

The event brings together 300 of Ireland's business leaders, and is supported by Accenture, eir and Merc Partners, as well as media partner, CNBC.

© 2016 - Checkout Magazine by Jenny Whelan.

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