Workers in Ireland effectively took an almost 4% pay cut in 2022 with wage growth lagging behind inflation, while pay packets for CEOs increased by more than one-quarter, Oxfam has said
“We recognise that figures from any one point in time can be exceptional in some regard,” said Jim Clarken, chief executive of Oxfam Ireland. “But what we are highlighting is a very clear and alarming trend towards widening pay scales and resulting inequality across the globe.” last week that households in 2022 experienced one of the biggest erosions in living standards in the Republic since the 2008 financial crisis with real wages estimated to have decreased by 3.3 per cent.
In total, one billion workers in the 50 countries that Oxfam examined took an average pay cut of more than €624 in 2022, a collective loss of more than €679.6 billion. Mr Clarken said the most alarming thing is the fact that efforts to reduce extreme poverty have come to a halt, with “wealth and extreme poverty having increased simultaneously for the first time in 25 years”.
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