NEWSAGENTS GROUP WANT TO SEE A RETURN TO MINIMUM WAGES - Later today politicians will hear a call from representatives of 1,500 newsagents and convenience stores who want to be allowed to overturn pay agreements agreed through the Labour Court and cut wages for new staff. They want to pay all new staff the national minimum wage of €8.65 and say this would help support the sector which employs 40,000 people. It is one of a number of grievances from the smaller grocers who will be before an Oireachtas Committee today.
Vincent Jennings, chief executive of the Convenience Stores and Newsagents Association, says that up to 60% of their overheads are wages. He says the wages that are paid in the sector are ordained by a Joint Labour Committee wage agreement which has to be adhered to. He says the rates are between 8.5% and 12% higher than the national minimum wage. He adds that when allowances for Sunday shifts are added, the costs are almost 19% higher. He says the levels of pay are just not sustainable.
CSNA figures show that adult staff among its members are paid between €390 and €402 a week (including Sunday working). This compares to €337 if they received the minimum wage. Mr Jennings says that although the difference may be just €50 a week, the sector is very labour intensive with the vast majority of the association's members having 18 to 30 members of staff.
He says the sector is at a disadvantage at practically every area compared to the larger multiples because of the economies of scale.
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MORNING BRIEFS - Providence Resources, which is run by Tony O'Reilly junior has said that it could expect to exceed its production 2010 production target at its Singleton oil field in the UK to above 1,000 barrels of oil equivalent per day.
*** Gas and oil exploration company Petroceltic has reported drilling success in Algeria which it says demonstrates the high gas potential at the drilling location and exceeds pre-drilling expectations.
*** The Tokyo market is closed again today for the Citizen's holiday. In Dublin yesterday the two main banks followed Friday's trend and closed lower after last week's NAMA surge. AIB fell 3.3% to €3.19 and Bank of Ireland lost 5.5% to €3.07.
*** On the currency markets this morning, the euro is worth $1.4715 US cents and 90.64 pence sterling.
