Oireachtas Joint and Select Committees
Thursday, 14 July 2022
Committee on Budgetary Oversight
Summer Economic Statement 2022: Discussion
Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source
-----in a negotiation that did not conclude. The unions have spoken publicly about figures. I have responded to this in broad terms but not in specific terms on the overall cost. The Deputy can work out the maths. In broad terms a 1% increase in public service pay is approximately €250 million. If we add in the knock-on costs for pension entitlements it is an additional €20 million to €30 million. Of course this is based on a full year impact of 1%. As always, when it comes to negotiating a pay deal there is a certain phasing in. Various increases kick in at various times of the year. It all depends on the formula and where it lands in the end. The Deputy can work out what is the fiscal impact of a deal.
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