IRS visits the Bank of England

bankofengland.jpgThe accompanying image of architectural grandeur was taken scant moments before the IRS pay team’s latest visit to the Bank of England yesterday (Thursday 22 May 2008).

Pay and Benefits Bulletin editor Sheila Attwood and I met with economists from the Bank’s Structural Economic Analysis Division to discuss the latest movements in pay trends and inflation, ahead of the publication of our analysis of pay awards over the three months to April.

Each month, IRS Pay Intelligence (subscription required) publishes its influential monthly analysis of whole economy pay trends, drawn from the IRS pay databank (subscription required).

The IRS pay databank - the largest survey of its kind – is based on information from a wide range of employers across all industry sectors, collected throughout the year on a rolling basis. In addition, the Pay and Benefits Bulletin team speaks to hundreds of employers about reward matters.

Our current monthly databank analysis (subscription required) finds the median pay award holding steady at 3.5% over the three months to 31 March 2008. But a preliminary analysis of deals settling in April suggests that the period of pay stability may be over and that pay awards are heading for a fall in the crucial spring bargaining round. The median pay award among our sample of 70 basic deals effective in April 2008 is just 3%.

All eyes will therefore be on our next monthly analysis, which will be published on the IRS Pay Intelligence (subscription required) homepage on Friday 30 May 2008, and will include full details of pay awards over the three months to 30 April 2008.

  • If your organisation has recently settled its annual pay award, and you would like to contribute to our monthly analysis of pay trends, you can submit details of your organisation’s latest settlement for inclusion in the IRS pay databank by completing the online form. All online survey participants will receive a free copy of our next monthly analysis of pay awards.


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