The IRS measure of pay awards - the midpoint in the range of basic pay deals - stood at 3.5% in the three months to 31 January 2008, according to our latest analysis (subscription required). This is now the same level as the downwardly revised figure for the three months to December 2007, and the same figure recorded by IRS a year ago.
However, there are signs that pay awards may be more moderate in the months ahead. Analysis of January 2008 pay reviews alone shows that they are slightly lower, at 3.25%.
However, this is set against strong retail prices index inflation, which rose marginally to 4.1% in January 2008. So while economic worries will put pressure on employers to keep pay rises low, employees will be looking for a pay increase to match the cost of living. Look out for our next release on 20 March to see how pay awards have fared.
You can help us compile the data which will feed into our review of February 2008 pay settlements, to be published on 20 March 2008. If your organisation has settled a pay award in the last month or so, please get in touch so that we can add your organisation’s pay award to the IRS database. You can submit details of your organisation's latest settlement for inclusion in the IRS pay databank by completing the online form.
|
| Permalink | Email this |
