Employers budgeting for rising wages this year, study finds

Concerns over inflation and losing staff are among the factors driving businesses to prepare for higher pay bills

April McDonnell, director of rewards data intelligence at WTW Ireland, said the labour market in Ireland was still ‘very tight’. Picture: Fergal Phillips

Employers in Ireland are planning to increase salary budgets by 4.5 per cent on average this year, according to a major new study.

The Salary Budget Planning Report from WTW, a global advisory, broking and solutions company, found that just over half of employers are budgeting a higher amount for salary increases this year when compared to 2023.

The research found a range of factors influencing the salary budget planning process for companies in Ireland. ...