What's an ideal wage?

Discussion in 'Shooting the Breeze' started by Talking Money, Jul 12, 2017.

  1. Talking Money

    Talking Money New Member

    Posts:
    7
    I've often wondered, what is an ideal wage? in Ireland.

    With the average industrial wage currently at 35K, and a living wage at €11.45 per hour / 23K per annumn at what point does a salary become ideal - without going into Rural VS Urban or scales of different professional, of course Mayo will be cheaper to rent than Dublin and you'd expect a surgeon to earn big money that the industrial average.

    I'm earning around 40-43K at age 26 which I think is good, but will it be ideal in ten years if I'm on similar money.
     
  2. Protocol

    Protocol Frequent Poster

    Posts:
    2,485
    "Average industrial wage" has not been published for years.

    Here are 2016 data, approx:

    Average earnings 36k

    Average earnings for full time workers is 45k

    Average earnings in industry are 44-45k.
     
  3. Protocol

    Protocol Frequent Poster

    Posts:
    2,485
    See CSO for all data.
     
  4. Sarenco

    Sarenco Frequent Poster

    Posts:
    3,903
  5. dub_nerd

    dub_nerd Frequent Poster

    Posts:
    1,409
    What's an ideal wage? What does the question even mean?

    €100 billion sounds ideal to me, but I can imagine higher.
     
  6. jjm

    jjm Frequent Poster

    Posts:
    412
    Last edited: Jul 13, 2017
    Talking money
    Have a read Maslow law when you get a chance
    Where i work which is in manufacturing engineering there are very few pay scales company big into Maslow law back around i 1982 our wage was set by taking a survey of 5 local manufacturing engineering companies around the area where i worked we are the only one still manufacturing, in 1882 there was also a survey done on the wages paid in the companies we supplied parts to in Germany France Holland and a wage agreed it was to be done every 5 years social partnership took over but Maslow law lived on to this day
    in engineering outside of the big USA Engineering companies wages are falling, lots of Irish Engineering service companies who could charge what the liked are now being under cut by Indian engineering service companies if the Irish don't drop to match the Indian companies the don't get the business.. this is happening more than people realize. You only have to look at the fact that prsi income tax is falling and more people are working . lots of companies are paying less for new hires in every walk of life in Ireland,
     
    Last edited: Jul 13, 2017
  7. Gordon Gekko

    Gordon Gekko Frequent Poster

    Posts:
    1,946
    "I'm not talking a $400,000 a year working Wall Street stiff flying first class and being comfortable; I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, Buddy."
     
    Firefly and RedOnion like this.
  8. galway_blow_in

    galway_blow_in Frequent Poster

    Posts:
    521
    i see what you did there :D
     
  9. Talking Money

    Talking Money New Member

    Posts:
    7
    In essence, at won't point does a wage become more than adequate, were a salary gives great growth in terms of pay, savings, pensions ect.

    I think maybe 60K is an ideal wage, maybe not if you've got four dependents.
     
  10. Cervelo

    Cervelo Frequent Poster

    Posts:
    283
    I wonder if Dolores McNamara likes that quote ??
     
  11. Leo

    Leo Moderator

    Posts:
    8,232
    This really is a meaningless question. No two people will give the same answer, but the vast majority will say more than they currently earn, and usually significantly more!
     
  12. Purple

    Purple Frequent Poster

    Posts:
    7,582
    If you have no fixed costs (you own your own home and car) and have no dependents then you don't need much but as costs like housing and children get added your income has to go up accordingly. Once you are "rich" and earn slightly above the average wage the State will take half of everything extra you earn in income taxes so to end up with €45 in your pocket you'll need to earn €100.
    If you are an employee for you to end up with €100 in your pocket your employer will have to pay you around €230.00 (they take 10.75% in taxes before you see it, then another 52% which you do see).
    Therefore the issue really is what net disposable income is desirable to do the usual things in life.
     
    jjm likes this.
  13. thedaddyman

    thedaddyman Frequent Poster

    Posts:
    699
    all depends where you live, €12 an hour goes a lot further in terms of paying the bills if you live in Leitrim as opposed to Dublin.
     
  14. jjm

    jjm Frequent Poster

    Posts:
    412
    I would plan for take home wages to fall from where the are now in Ireland compared to the rest of Europe,There is pressure building up on all fronts .

    At one stage back in the late 1970/1980 companies setting up in Ireland the amount the were saving in tax breaks was more important than what the paid out in wages and buying in services /advice nationally
    This is all changing now,people employed in Financial services seam to be holding there own. In most other sections new hires seam to be on lower money, people on higher incomes changing jobs are finding it harder to earn more by changing jobs than in the past,

    On another post you said 40-43K earnings are made up of 36K and up to 6K in overtime as you move up to higher Earnings unless you are putting extra hrs earnings into a pension fund chances are you will stop
    doing so,I also think that over time the link between earnings and length of service will narrow.

    Out of interest if you were to compare wages of someone 10 years longer working in the company than you how have the advanced in position and earnings in that time.chances are in the future it will not be as big as it is now .