So - who is taking the hit then?

Slí Eile: See post by Aedin Doris on irisheconomy 'Where are the wage cuts?' Michael Taft observes in a comment on the thread to that post:

Whatever the explanation, clearly from this, admittedly limited time span, some people are sharing the pain, some are not.

(Evidence is also emerging of increases in managers' pay in the private sector while some other groups are losing out at least at least up to Q1 of 2009). I seem to recall more than one person proclaiming wage cuts in the private sector as fact.