Average Weekly Pay in Ireland Surges Nearly 5% in Q3 2024

The average weekly pay in Ireland has risen by nearly 5% over the past year, reflecting a significant increase in purchasing power despite ongoing economic challenges. In the third quarter of 2024, average earnings reached €1,003.81, marking a 4.9% increase from €956.56 in the same period last year, according to the latest figures released by the Central Statistics Office (CSO).

This growth in pay has outpaced inflation, which saw an increase of nearly 3% in the Consumer Price Index (CPI) over the year ending in October. As a result, workers across various sectors have experienced an improvement in their overall purchasing power during the current cost of living crisis.

Sector Performance and Average Salaries

Certain sectors have demonstrated remarkable growth, particularly in the arts, entertainment, and recreation industries, where pay increased by 8.7% compared to the same quarter in 2023. The accommodation and food services sector followed closely, with a 7.7% rise in average earnings. Overall, pay improvements were noted across all sectors, contributing to the upward trend in salaries.

The average hourly wage in Ireland now stands at €30.48, reflecting a year-on-year increase of 4.3%. The rise in the average number of hours worked per week was marginal but contributed to overall earnings growth. Employers in the information and communication sector face the highest labour costs, averaging €59.83 per hour, while the education sector follows at €50.73. Conversely, the accommodation and food services sector reported the lowest hourly wage at just €19.95.

In terms of weekly earnings, workers in the information and communication sector earn the highest average salaries at €1,697.70, reflecting a 2.8% increase year-on-year. The financial, insurance, and real estate sectors also report strong earnings. In contrast, employees in the accommodation and food services sector earn an average of €481.60, despite a notable increase of 7.7% annually, which can be attributed to the prevalence of part-time staff in this industry.

Public Sector Earnings and Employment Trends

Within the public sector, Gardaí rank as the highest-paid public servants, with an average weekly income of €1,625.33 for a typical workweek of 44.4 hours. This figure marks an increase from €1,587.50 in the same quarter of 2023. The average weekly pay across the public sector stands at €1,244.45, up from €1,168.70 the previous year.

The lowest average earnings in the public sector are reported by staff of regional bodies, who have seen their average weekly pay rise from €987.60 to €1,015.70, surpassing the four-figure mark. The healthcare sector, employing nearly 170,000 individuals, reports the largest annual increase in earnings, with an average pay of €1,282.30, up almost €103 compared to the third quarter of last year.

Dr. Niall O’Sullivan, a statistician with the CSO, noted that average earnings “continue to increase year-on-year” and highlighted the “stable job vacancy rate” observed over the past 18 months. The recent CSO Labour Force Survey for the third quarter also indicated an annual employment growth rate of 1.1%, underscoring a positive trend in the labour market.

As Ireland navigates economic challenges, the improvement in average weekly pay and purchasing power offers a glimmer of hope for workers across the nation.