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According to the Industrial Relations Services pay specialists the pay awards in UK had eased again in 3 months to May, this is a sign of the decline in April’s salary pressures that have been subsiding. The median range n the basic pay settlements for the last 3 months to May has been 3 percent which is a decrease in the report in Aprils that have been upwardly revised to 3.1 percent and a median range of 3.5 beginning in January, February, and March rolling quarters.
This recent data should be a good news to the rate-setters in UK who are already expressing concern in the increasing pay can increase inflation. The median pay awards of 3 percent lower than the May’s RPI inflation readings of 4.3 percent. The Industrial Relations Services report in the slowdown of earnings growth is supported with the official data.
The National Statistics showed the average earning growths thus include bonus, slow down to 4 percent in 3 months up to April from the March quarter of 4.4 percent. The data that the Industrial Relations Services told is very important because they provide is with a good picture for April which has been so far the most busiest month for pay deals.
According to Sarah Welfare who is the Pay and Benefits editor in the Industrial Relations Services “April shapes up to look relatively restrained, particularly the public sector, the pay awards remain at the lowest for 9 years.”
Looking closer at the data for 3 months to May showed the median in the public sector awards remain lower with 2.7 percent, this has been unchanged in the last 3-month period. The median was 3.4 percent I the private-sector pay awards which is slightly lower at the previous period which is upwardly revised to 3.5 percent.
Welfare also said that “Even the private sector the pay awards are higher the rate for the pay rise is almost one whole percentage point below the current level of inflation.” Although the Industrial Relations Services notes that the median figures hides the fact that in one in 3 pay deals are 4 percent or more in the private sector.
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Posted on Jun-16-2007
