Pay settlements by British employers inched down in the three months to June to a 10-month low, adding to signs of a softening labour market, a survey showed on Wednesday.
The median pay raises by employers fell to 3.2% in the three months to the end of July, down from 3.3% in the previous three rolling quarters, figures from human resources data firm Brightmine showed.
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“The fact that more than a third of matched pay raises are now lower than last year does suggest some employers are becoming more cautious,” said Sheila Attwood, Brightmine’s HR insights and data lead.
Below are details from the survey and related context:
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- 71% of settlements awarded were between 2% and 3.99%, while 3% was the single most common award value
- 35% of settlements delivered a lower award than the previous year, for the same employee group, while another 35% remained unchanged and 30% were higher
- Data based on 36 pay awards implemented between May 1 and July 31, representing pay settlements for approximately 762,000 UK employees
- Official data on Tuesday showed the jobs market again weakened slightly in the second quarter
(Reporting by Andy Bruce; editing by David Milliken)
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Source:
Reuters
