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Minimum wage rise will add to pressures on retail sector

Written by Robert McHugh, on 20th Jul 2016. Posted in General

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Retail Ireland yesterday expressed disappointment at the recommendation by the Low Pay Commission to further increase the National Minimum Wage (NMW) following a 6% rise at the start of this year. 

The group claim any further increase will only increase pressure on Irish retailers at a time of great uncertainty. 
 
Retail Ireland Director, Thomas Burke says, "The UK vote to leave the EU has led to a major sterling devaluation and raised the spectre of a return to cross border shopping. To further increase input costs for Irish retailers at this time will reduce our ability to compete with shops north of the boarder."

He added, "The minimum wage is already 6% higher than in the UK and this gap will widen if sterling falls further, as is predicted."

Source: www.businessworld.ie

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