Salaries in the high-tech sector are down 10 per cent and contractors face a significant drop in daily rates, a new survey published by NewMediaCV shows. The slowdown is also creating a bottleneck of new candidates coming out of training and education, with employers less likely to take on inexperienced staff.

Employees in the e-business and Web sector in the Republic now receive salaries ranging from €19,050 to more than €127,000 plus benefits.

Ms Denise Airlie, general manager of NewMediaCV, said the shakeout has been dramatic and a shock for many employees.