Myself and Pay and Benefits Bulletin deputy editor Michael Carty were invited to the Bank to discuss the latest trends in pay settlements, and for our insight in the next round of pay bargaining, due to start in the new year.
With the results of our annual survey of pay prospects (subscription required) at hand, we were able to report a fair amount of optimism, with private sector employers looking to award a median 3.5% pay rise in the year ahead. However, with retail prices index inflation forecast (subscription required) to fall sharply in 2009, whether employers are able to maintain this level of increase remains to be seen. Meanwhile, many trade union representatives (subscription required) we have recently spoken to have said they will be looking at securing pay awards in 2009 that match the increase in the cost of living.
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).
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 pay survey form. All online survey participants will receive a free copy of our next monthly analysis of pay awards.
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