Employees are enjoying the highest pay rises seen since December 2008, according to the latest pay settlement data from XpertHR [£].
The median pay rise in the three months to the end of January 2012 stands at 2.5%, up from 2.3% in the same period a year ago. This is unchanged on the figure for the previous rolling quarter, confirming that the upward trend in pay settlement figures first seen in December 2011 has been sustained.
Other key findings on pay awards effective in the three months ending 31 January 2012 include:
• Almost half (46%) of basic pay awards are pitched at 3% or higher.
• The most common basic pay award is 3%.
• Overall, 41% of pay awards are higher than the same group of employees received a year ago, 35% are the same and 24% are lower.
Pay awards are set against retail prices index (RPI) inflation of 3.9% in January 2012, bringing the gap between pay and price rises to its lowest level since December 2009.