Lower pay rises predicted for year ahead

Pay rises are forecast to fall in the coming year, with a going rate of 2.1%, a new report has predicted.

Wage analysts XpertHR said the figure will fall from a typical increase of 2.5% in the past year in private companies.

Manufacturing firms are predicting slightly higher pay awards of 2.2%, compared with 2% in the service sector, said the report.

XpertHR pay and benefits editor Sheila Attwood said: “Employers’ annual pay reviews are expected to deliver a pay rise to employees over the coming year, but the level of increase could well be lower than we have seen over the past 12 months.

“While the strong labour market continues to put pressure on employers to raise wages, other costs and an uncertain outlook could well mean lower pay rises for employees.”

Read Full Story

FROM OUR PARTNERS