A new study reveals that over half of workers have recently requested or are now requesting compensation increases from their employers.
According to a poll conducted by the professional accounting group ACCA, 66% of employees have requested assistance from their employers to deal with the cost-of-living problem.
73% of the companies polled indicated they were looking to assist workers who were experiencing financial difficulty in response to requests from their workforce.
71% of respondents claimed to be reconsidering salary, while 13% offered one-time compensation.
While 7% of companies indicated they were offering additional working hours, 8% said they were okay with employees taking on a second job.
The Central Statistics Office released data earlier this month that showed how family earnings are under pressure as 7.7% consumer price inflation continues to outpace wage growth.
“It is clear that the fall in living standards that we have seen towards the end of 2022 due to high inflation is really starting to bite, with a cost-of-living gap emerging which is seeing lower household incomes having to spend comparatively more of their monthly budget on energy bills and food,” said Stephen Noonan, Acting Head of ACCA Ireland.
“Our survey highlights that staff are increasingly turning to their employers to support them through this difficult period with the majority seeking further increases in their salaries,” he added.
Mr Noonan urged households to ensure they’re availing of Government supports.
Despite concerns around inflation and a potential economic slowdown, Mr Noonan pointed out that employment is at record levels with 2.57 million people employed.
“This is a significant differentiation from other economic slowdowns with strong employment levels an important factor in maintaining current levels of economic activity.
“However, one of the most important considerations for the government is ensuring that consumer spending does not further fuel inflation, which adversely impact any improvement in people’s spending power and standard of living,” he added.