Earlier, an analysis carried out by the Unite trade union found that the average profit made by Irish companies is 55% higher than the euro zone average and more than double the figure for UK firms.
The union says its findings are drawn from OECD, EU and CSO figures up to 2006, and show that Irish firms make €45,800 gross profit per employee. Unite claims the findings show that recent calls by employers for wage freezes are based on 'false analysis' of Irish companies' health.
The union says its report strips out accounting practices which may distort profit figures.
But IBEC director Brendan McGinty accused the union of failing to acknowledge the 'dramatically changed' economic conditions now facing the country. "The private sector is not prepared to pay for higher public sector pay growth through the loss of their jobs or businesses", he said.
