Irish workers also ended up paying more tax on lower real income, body says
Irish households experienced a significant drop in living standards last year as wages failed to keep pace with soaring inflation, a new report from the OECD indicates.
The Paris-based agency’s Taxing Wages report for 2022 found that while the average pretax wage in the Republic rose by 4.8 per cent to €54,649 last year, real earnings still fell because of the high rate of inflation. With inflation averaging 8.4 per cent last year, real wages were estimated to have decreased by 3.3 per cent, representing one of the biggest erosion in living standards here since the 2008 financial crisis.
With the average amount of income tax paid rising by 0.8 per cent, Irish workers also ended up paying more tax on lower real income.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US and France evacuate embassy staff from Sudan as Irish officials plan for Irish citizens rescueHigh level meetings have taken place to discuss plans to rescue 140 Irish citizens in Sudan, sources have confirmed.
Read more »
The trailblazer who helped pave the way for African-Irish footballersEx-Ireland underage captain Noe Baba on moving to Castlebar from Cameroon as a youngster, dealing with racism, using boxing as therapy, and a new start at Finn Harps.
Read more »
Poll: Do you speak Irish?Dublin city will celebrate Lá Mór na Gaeilge next Sunday.
Read more »
State blocks billionaire’s plan to move $500m through Irish firmAn Asian billionaire’s plan to move $500 million (€455 million) in funds using an Irish company was halted after it was uncovered during an anti-money laundering investigation
Read more »
More than 140 Irish citizens in Sudan seek help as foreign evacuations beginEvacuation operation in Khartoum at ‘highly sensitive’ stage amid ‘volatile security situation’, says DFA
Read more »
Irish-founded Deepverge reports £8.6m accounting errorDeepverge, the Irish-founded scientific research group, has had to dramatically shrink its full-year revenue expectations on the back of an accounting error
Read more »