Irish workers experienced an almost 4% pay cut in 2021, with their wages failing to keep up with inflation – a loss of €2,107 in real wages, or the equivalent of 8.3 days of free work. This amounted to a total of €5 billion in lost wages across the country.
Meanwhile, the pay packets of CEOs soared by 27%, to an average of €3.46 million. This figure was far higher than that of the US (15%) and the UK (4.4%).
Oxfam Ireland chief executive Jim Clarken is deeply concerned about these figures. He states that this International Workers’ Day, workers across the globe are struggling to keep up with the cost of living, while an alarming trend of inequality is on the rise. To combat this, he believes that taxation of the ultra-rich should be implemented urgently.
He also suggested that a national conversation should be held in Ireland to address the imbalance between executive pay and that of ordinary workers. Additionally, he called for the introduction of windfall taxes on excessive corporate profits to help stop inflation and profiteering. He notes that electricity in the country is double the European average – further evidence of the need for action.
