The passing of Michael Jackson (external website) is not the only major news story breaking today: today also sees UK pay awards collapse to their lowest recorded level. The headline pay award for UK employees has slumped to 1.3% (subscription required) - its lowest level on record, according to latest analysis from Industrial Relations Services (IRS) for XpertHR.
The 1.3% median basic pay rise for the three months to 31 May 2009 is the lowest headline figure recorded by IRS since it began collecting pay settlement data in 1971.
Pay freezes or cuts now account for 35% of the total number of pay awards (both basic and performance-based) collected by IRS for the three months to the end of May 2009, which is up from 32% last month.
- Has your organisation recently carried out an annual pay review? If so, and if it has now been settled, please get in touch so that we can add your organisation's pay award to the IRS database.
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