SIPTU to seek wage increases due to rise in cost of living
SIPTU members across the private sector should pursue wage increases to offset the rising costs of energy, housing and other expenses.
“SIPTU representatives will now be pursuing enhanced pay claims due to the rising costs that workers are facing in their utility bills, petrol and mortgage and rental costs among other expenses,” said SIPTU Deputy General Secretary, Gerry McCormack.
In new advice released this week, the Private Sector Committee of the Irish Congress of Trade Unions, in conjunction with the Nevin Economic and Research Institute (NERI) also indicated that pent up demand will fuel an economic and wage resurgence in 2022.
They advised unions to seek wage increases of between 2.5% and 4.5% during 2022 on behalf of their members as an economic resurgence is expected. NERI expects that “strong and rapid economic growth” due to “personal consumption growing very strongly” as “pent-up demand increases and household savings unwind”.
In relation to inflation, NERI estimates that it will peak in the fourth quarter of 2021 before settling back to circa 2% in the second half of 2022 and an average of close to 2% thereafter.
“This mixture of economic growth and the stabilisation of inflation will allow for the possibility of wage increases which will claw back any ground lost due to cost of living rises associated with energy, housing and other expenses,” NERI and Congress said.
SIPTU section committees have been concluding locally bargained pay deals across the private sector in recent weeks. These include a deals at Dew Valley Foods in Thurles, county Tipperary, of 11.5% over three years, 5.5% over two years at Bulmers and 5% over two years at Cross River Ferries Ballot in Cobh, county Cork.