Construction delays ahead, legal issues with pay cuts and some Covid perspective

Business Today: the best news, analysis and comment from The Irish Times business desk

Construction collapsed at record speed to its lowest level in 11 years as Covid-19 restrictions halted building across the Republic last month

Construction collapsed at record speed to its lowest level in 11 years as Covid-19 restrictions halted building across the Republic last month

 

Construction collapsed at record speed to its lowest level in 11 years as Covid-19 restrictions halted building across the Republic last month, the latest figures show. Barry O’Halloran reports.

The news comes as the chartered surveyors warn that major building projects could take up to two years to get fully up and running after the Covid crisis unless the Government learns lessons from the last financial crash, writes Dominic Coyle.

More than 73 per cent of Irish businesses are looking at reducing employee hours in response to the crisis, with a further 19.5 per cent considering pay freezes and adjusting performance targets. Ciara O’Brien reports on the finding of a new survey of Ireland’s chief financial officers.

Businesses should seek workers’ consent for pay cuts needed to aid their organisations through the Covid-19 crisis, according to an employment lawyer. Barry O’Halloran also reports on comments from an insolvency specialist, who warns that businesses not earning revenue but eager to keep paying staff risked creating more longer-term redundancies.

As global authorities roll out new rescue packages to help economies through the crisis, economics lecturer Marie Finnegan assesses what the ECB’s doing ‘everything necessary’ policy means for you?

Finally, in her column today, Pilita Clark writes that, however senior we are at work, the virus is a reminder of how little control we have. “However stubborn and maddening and difficult our parents may be, the time we have with them should never be taken for granted.”