UK Pay Settlements Hold at 3.5% as 33% of Firms Offer 4%+ Raises
Updated
Updated · Reuters · Jun 7
UK Pay Settlements Hold at 3.5% as 33% of Firms Offer 4%+ Raises
3 articles · Updated · Reuters · Jun 7
Summary
British employers kept median pay settlements at 3.5% in the three months to April, unchanged for a second month despite a higher minimum wage.
April still brought a broader lift in bigger awards: 33% of firms offered rises of 4% or more, up from 21% in March, with stronger increases in engineering, energy and water.
The shift came as the minimum wage rose 4.1% to £12.71 an hour for workers aged 21 and over, while private services settlements eased to 3.3% from 3.5% even as retail and hospitality pay picked up.
The IDR survey covered 166 awards affecting more than 3.3 million workers and lands a week before the Bank of England is expected to hold rates at 3.75% while watching wage pressure.