Editor's message: HR and reward professionals need to keep track of inflation rates, labour market data and other key indicators to understand the context in which their organisation is recruiting, retaining and rewarding their employees.
Official statistics from the Office of National Statistics show that despite slow economic growth, the labour market has held up well and unemployment has fallen. With both CPI and RPI inflation at low levels, this has yet to feed through into upward pressure on pay awards or earnings.
Sheila Attwood, managing editor, pay and HR practice
Updated to include the outlook on the financial services industry from the CBI Quarterly Industrial Trends Survey, December 2016.
Updated to include official statistics from the ONS on average weekly hours worked in the UK for the three months to the end of November 2016. The next ONS release date is 15 February 2017.
Updated to include the latest official statistics from the ONS on headline unemployment and the claimant count, and labour market forecasts from HM Treasury and Manpower Group. The next ONS release date is 15 February 2017.
New apprenticeship levy for large employers with a paybill of more than £3 million per year will be payable with effect from 6 April 2017.
Updated to include data for December 2016 on the availability and recruitment of permanent and temporary staff from IHS Markit/Recruitment & Employment Confederation. The next figures are due to be published on 8 February 2017.
The Work and Pensions Committee has announced an inquiry into the UK welfare system's ability to adequately support the growing number of gig economy workers.
The review looks into the impact of changes to the labour market, addressing questions on issues such as job security, wage levels and employees' rights.
Uber drivers are workers and are entitled to receive the national minimum wage and paid annual leave, according to an employment tribunal ruling that is being seen as a test case for the employment status of the gig economy's growing workforce.
The Business, Energy and Industrial Strategy (BEIS) Committee has launched an inquiry into the changing nature of work, and the status and rights of workers in non-traditional employment roles.