Irish Emergency Budget 2009: IBEC says wages require 10% cut; Social welfare rates 3% cut; Economy could only bear €3bn net adjustment
Apr 2nd, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Irish Emergency Budget 2009: IBEC, the employers body, in a submission, in advance of the budget on April 7th, says wage levels require a "downward correction" or cut of the order of 10%. It is urging the Government to reduce social welfare rates by 3%. In a submission published today, IBEC says an adjustment of €3bn in net terms was the most that the economy could bear in the current point of the business cycle. It said that two-thirds of this should come from expenditure reductions and one-third from increases in taxation.
