British employers agreed pay rises averaging 5 percent during the three months to the end of January, well above historic norms, and a tight labor market means pay settlements are likely to remain high, a survey showed. | Reuters
A man works at a computer on a standing desk in an office in the financial district of Canary Wharf in London, Britain, Feb 8, 2023. REUTERS/Kevin Coombs/File photo
LONDON – British employers agreed pay rises averaging 5 percent during the three months to the end of January, well above historic norms, and a tight labor market means pay settlements are likely to remain high, a survey showed on Wednesday. Incomes Data Research said the median pay rise at major British employers had risen from 4.3 percent in the three months to the end of October and 3.4 percent in the first quarter of 2022.“Such relatively high increases are likely to continue further into 2023 due in part to the influence of the forthcoming uplift in the National Living Wage… but continued tight labour markets and elevated inflation will play a role too,” Zoe Woolacott, senior researcher at IDR, said.
The National Living Wage – a minimum wage rate which does not apply to apprentices or workers aged under 23 – is set to rise by 9.7 percent at the start of April to 10.42 pounds an hour.
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