Workers here highly profitable,report says...
Irish workers make twice as much money for their companies as employees in Britain, according to a new report.
The analysis on the profitability of Irish companies has found that they make €45,800 gross profit per employee - 55 pc more than the average in the EU - 15 and more than double the figure for British firms.
The report will be published by the Unite trade union today(02.07.08) to coincide with wages coming on the agenda at the national pay talks for the first time, and with employers warning that it is time for wage freezes.
"Employer organisations are spreading a message of doom over squeezed profits and putting forward the argument that Irish workers will have to tighten their belts to get through these tough times", Unite regional secretary Jimmy Kelly said yesterday. "The truth is that Irish companies are making excessive profits."
The authors of "The Truth about Irish Profits" said it's findings are drawn from OECD, EU Klems and CSO reports,as well as profit statements from government agencies and various firms up to and including 2006.
"We have found that profits are extraordinarily high throughout all sectors", Mr. Kelly said. " And all the while, wage growth lags far behind."
The report also found that 90pc of the top 1,000 firms said they were in profit, averaging a profit of €62.9m.