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Pay rises 'four times inflation'

Published: Friday, 23 January 2009   Category: Graduate Job sector Reports

Employees were offered pay rises which were four times the rate of inflation towards the end of last year, new figures show.

Research by Industrial Relations Services (IRS) reveals that the median basic pay rise for the last quarter of 2008 was 3.8 per cent.

Over the same period the retail price index (RPI) stood at just 0.9 per cent, news which might interest those looking for graduate jobs.

However, IRS pay and benefits editor Sheila Attwood warned that firms are likely to cut back on pay increases in response to this situation, with rises likely to drop back to at least three per cent in January.

"The record gap between pay rises and RPI inflation will narrow as we move through the year," she said.

Earlier this week, the Working Futures report predicted that millions of new jobs will be created in the UK over the next eight years.

Sectors such as baking and financial services are likely to be among the biggest growth areas, it stated.

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