Cost Of Living Crisis

Irish companies plan to raise pay budgets by 4.5 per cent this year

Survey by employee benefits company WTW finds inflation is main driver of rise in salary budgets

April McDonnell, director of rewards data intelligence at WTW Ireland: ‘Employers are facing tough choices as they try to control costs during a challenging economic climate, while retaining key staff members.’ Picture: Fergal Phillips

Employers in Ireland are planning to increase salary budgets by 4.5 per cent in 2023, according to research from WTW, the employee benefits company. Firms surveyed said they are increasing their budgets in order to attract and retain staff in a tighter employment market.

Last year, the overall salary budget increase was 3.7 per cent on average, compared to the projected 4.5 per cent increase for 2023. More than half, 56 per cent, of the ...