Private sector pay settlements ‘remain stable’
The Income Data Services Pay Report shows private sector pay settlements remained stable in the three months to January.
Retail jobs paid out around one per cent more in wages during the three months to the end of January, new research shows.
According to the Income Data Services (IDS) Pay Report, private sector pay settlements remained relatively stable over the course of the period.
Around a third of employees - from all sectors - said their pay was frozen during the three months, while the majority of those who did receive a hike in wages managed to secure increases of between two and 2.99 per cent. The median pay settlement for the quarter stood at 1.9 per cent.
Data collected by IDS came against a backdrop of relatively high inflation in January.
Editor of Pay Report Ken Mulkearn said: “Our analysis of basic pay settlements shows broadly stable, though modest, growth. If the economy recovers we would expect earnings to rise, even if some pay freezes continue.
“Inflation, which has risen sharply to stand at 3.7 per cent in the year to January 2010 on the all-items measure, will produce another upward pressure on earnings, through its influence on pay setting.”
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Written by Ben Sillitoe
