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Pay rises average 3.5%
Monday, 25 February 2008
Graduate Job sector Reports
New research has found that pay increases have averaged 3.5 per cent so far in 2008, which is the same level as the close of last year.
The study was conducted by pay analysts IRS and examined some 130 pay increases across nearly 105,000 workers, reports Personneltoday.
Graduates entering into the workplace may be interested to know that that over half of pay awards given in the three months up to January were higher than the previous few months, with just one in four being lower.
Commenting on the figures, IRS pay and benefits editor Shelia Attwood, said: "Our findings this month will be welcome reading for the Bank of England. While pay settlements in the three months to the end of January 2008 are holding up at 3.5 per cent, closer analysis of just those effective in January reveals a weakening of the pay bargaining position."
However, she also noted that January's increase in headline inflation would "continue to put pressure on employers" to reflect the growing cost of living in their pay rises.