Case for adjusting pay to euro gains, says Siptu chief


PAY LEVELS:CONSIDERATION should be given to adjusting pay levels to respond to the appreciation of the euro against other currencies, but any changes should be based on agreement and implemented over time, Siptu president Jack O’Connor said last night.

Mr O’Connor said, however, that an immediate across-the-board pay cut would completely undermine consumer confidence and the national economy.

Speaking following the annual Countess Markievicz memorial lecture in Dublin last night, Mr O’Connor said “there is a case for adjustment, but my contention is we can achieve agreement on doing this over time”.

In his address, Mr O’Connor said the only viable way forward was through agreement between employers, Government and unions and all sides must make accommodations to achieve it.

“All sides must recognise that there is no pain-free or risk-free way ahead.”

Mr O’Connor said: “There can be no basis for agreement except in the context of a measurable additional contribution from high-net-worth individuals and those on incomes of €100,000 plus per annum through taxation of one form or other – at least in the short to medium term.”