20/06/2008
Wage Cuts Announced For Estate Agents
Staff in one of Ireland's largest estate agents have been told they are to receive a pay cut of 10% as house sales plummet.
The Managing Director of Lisney Estate Agents, which employs 170 people, confirmed the pay cut to staff on Thursday.
Shocked workers were told of the unprecedented move last week at a meeting addressed by management.
The cut will also apply to Lisney directors, who last year took home pay of €5.9m, a 50% increase on the previous year.
For staff however, the cut in monthly take-home pay will be exasperated by the rising cost of living as fuel bills spiral.
Now workers in the wider sector will be expecting similar cuts to their wages. However, if the present downturn continues, many estate agent workers could face worse deals, as Lisney are able to absorb much of the impact due to their sizable operation.
At present, the sector appears to be getting worse before it improves with the news that the number of houses and apartments being approved by the planning authorities has fallen by almost 10% in the past year, according to the latest CSO figures.
The statistics revealed on Thursday show permission was granted for just over 18,500 new homes between January and February of this year, compared to 20,500 in the first quarter of 2007.
The number of houses being approved is down 15%, while the number of apartments is down by just over 8%.
One-off houses accounted for more than one-fifth of the homes approved by the authorities.
With a lack of new builds and the falling price of current homes, estate agents are facing the brunt of the backlash from the Celtic tiger boom.
(DW)
The Managing Director of Lisney Estate Agents, which employs 170 people, confirmed the pay cut to staff on Thursday.
Shocked workers were told of the unprecedented move last week at a meeting addressed by management.
The cut will also apply to Lisney directors, who last year took home pay of €5.9m, a 50% increase on the previous year.
For staff however, the cut in monthly take-home pay will be exasperated by the rising cost of living as fuel bills spiral.
Now workers in the wider sector will be expecting similar cuts to their wages. However, if the present downturn continues, many estate agent workers could face worse deals, as Lisney are able to absorb much of the impact due to their sizable operation.
At present, the sector appears to be getting worse before it improves with the news that the number of houses and apartments being approved by the planning authorities has fallen by almost 10% in the past year, according to the latest CSO figures.
The statistics revealed on Thursday show permission was granted for just over 18,500 new homes between January and February of this year, compared to 20,500 in the first quarter of 2007.
The number of houses being approved is down 15%, while the number of apartments is down by just over 8%.
One-off houses accounted for more than one-fifth of the homes approved by the authorities.
With a lack of new builds and the falling price of current homes, estate agents are facing the brunt of the backlash from the Celtic tiger boom.
(DW)
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