Employers and unions have concluded a new national wage round which will give workers an increase of 5.5% over the next 18 months.
The payment will be phased with 1.5% for the first six months, 1.5% for the second six months and 2.5% in the final six months.
There will be no flat rate increases for low paid workers however those earning below €9 per hour will get an extra 0.5% added to their first phase payment. A number of other non pay issues will be finalised next week.
The CEO of the small and medium enterprises employer ISME, said his organisation had been looking for a pay freeze for six months rather than the announced wage hikes.
He said that some ISME members would be faced with laying off workers in the short term to stay in business.
Around 10% of ISME members are unionised.
ISME is not bound by the wage agreement as it does not not participate in the talks.
However, the national wage agreements are used as a benchmark in local bargaining.
