Pay awards average 3.5 per cent
Mon 25 Feb 2008
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This year pay settlements have averaged 3.5 per cent, according to pay analysts IRS. Its survey found most pay awards were increased in the three months to January but there remained a divide in wages for the public and private sectors. "While pay settlements in the three months to the end of January 2008 are holding up at 3.5 per cent, closer analysis of just those effective in January reveals a weakening of the pay bargaining position, cautioned editor, Sheila Attwood.Public sector workers had typically received one per cent less than average and Ms Attwood remained confident that economic pressures would force business to increase pay.She explained "headline inflation nudged up to 4.1 per cent in January, and will continue to put pressure on employers to match the rising cost of living in the pay increases". The Bank of England has warned that the UK economy will slow in 2008 and some commentators have suggested the country is facing recession. |
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