Vol. 496 No. 6
87 Mr. O'Shea asked the Minister for Finance his views on recently published figures which suggest that wages in manufacturing industry are rising at twice the rate of price inflation; and if he will make a statement on the matter. [23710/98]
The CSO industrial earnings release which was recently published shows that average weekly earnings in the manufacturing sector increased by 6.1 per cent in the year to June 1998. This comprises an increase of 6.6 per cent in the hourly rate and a decrease of 0.7 per cent in the number of hours worked. The annual average increase in weekly earnings in 1997 was 2.8 per cent, while average hourly earnings increased by 3 per cent.
The CSO data on industrial and manufacturing earnings for June are early estimates and are subject to revison, while the March figures, shown in the same release, are provisional in nature. It would be unwise, at this stage, to place too much reliance on these figures given their totally provisional nature. We will not have a firm picture until the final June figures and further CSO data become available.
Nevertheless, there is no room for complacency. The figures are a cause for concern and my Department will continue to monitor the situation carefully. Wage moderation is essential to ensure that we maintain our competitiveness, particularly in the context of EMU. All parties to Partnership 2000 must remain vigilant in ensuring that the commitments entered into continue to be observed.
