08 February 2006
Wages movements catching up, and must be maintained in a slowing economy says CTU
The Council of Trade Unions will continue its campaign for wage increases, to ensure that all workers receive a fair share this year.
"Wages movements have taken some time to catch up after 5 years of strong economic growth, and it is important that we continue to maintain real wages growth wherever possible during a dip in the economy," said Ross Wilson, Council of Trade Unions President.
The latest Labour Cost Index, released today, showed an overall increase in ordinary salary and wage rates of 0.8 per cent in the last quarter and 3.1 per cent in the year to December.
"For those that actually received an increase however, the average increase in the last quarter was 4.7 per cent," said Ross Wilson.
"Wages must continue to rise as we move the economy from one with low wages, and low capital investment to a high wage, high skill economy with increasing levels of productivity."
"Hopefully firms have used the excellent profits they have enjoyed over the last five years to reduce debt and invest in technology and skills, and this will leave them well placed to invest in wages in the coming period," said Ross Wilson.