UK employers raise pay by least in 10 months: survey

PAY settlements by British employers inched down in the three months to June to a 10-month low, adding to signs of a softening labour market, a survey showed on Wednesday (Aug 19).

The median pay award by employers fell to 3.2 per cent in the three months to the end of July, down from 3.3 per cent in the previous three rolling quarters, figures from human resources data firm Brightmine showed.

“The fact that more than a third of matched pay awards are now lower than last year does suggest some employers are becoming more cautious,” said Sheila Attwood, Brightmine’s HR insights and data lead.

About 71 per cent of settlements awarded were between 2 per cent and 3.99 per cent, while 3 per cent was the single most common award value

Some 35 per cent of settlements delivered a lower award than the previous year, for the same employee group, while another 35 per cent remained unchanged and 30 per cent were higher

Data based on 36 pay awards implemented between May 1 and Jul 31, representing pay settlements for approximately 762,000 UK employees

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Official data on Tuesday showed the jobs market again weakened slightly in the second quarter. REUTERS