by Aiken PR
A new survey has found that nearly half of employees (48%) have recently or are currently seeking a pay rise from their employers to support them with the cost–of–living crisis.
The poll which was conducted by ACCA considered the outlook of both employers and employees, across a range of sectors, towards the current economic challenges. The findings revealed that two thirds (66%) of staff have sought some form of support from their employers to help them with reduced spending power, as a result of consistently high consumer inflation.
In response to requests from staff, 73% of employers said that they were actively seeking to help employees that were struggling financially with 71% reviewing salaries, 13% offering one off payments, 8% consenting to staff taking on a second job and 7% offering extra hours.
The latest CSO statistics, published earlier this month, highlight the sustained pressure that household incomes are under according to ACCA, with consumer price inflation of 7.7% continuing to outstrip wage rises.
Commenting Stephen Noonan, Acting Head of ACCA Ireland, said, “It is clear that the fall in living standards that we have seen towards the end of 2022 due to high inflation is really starting to bite, with a cost–of–living gap emerging which is seeing lower household incomes having to spend comparatively more of their monthly budget on energy bills and food.
“Our survey highlights that staff are increasingly turning to their employers to support them through this difficult period with the majority seeking further increases in their salaries.
“I would urge all eligible households to ensure that they avail of Government supports including electricity credit of €600 as well as rent credit of €500 per year which is due for both 2022 and 2023.
“From a wider economic perspective, despite concerns around inflation and a potential economic slowdown, employment is at record levels with 2.57 million people employed. This is a significant differentiation from other economic slowdowns with strong employment levels an important factor in maintaining current levels of economic activity.
“However, one of the most important considerations for the government is ensuring that consumer spending does not further fuel inflation, which adversely impact any improvement in people’s spending power and standard of living.”