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Pay rises 'stabilise' in UK
Monday, 10 March 2008
Life after graduation
Pay rises in the UK have fallen to 3.4 per cent for the three months leading up January, according to the latest data.
The IDS Pay Databank figures indicate median pay settlement levels for the three months to the end of January this year fell back into line with the trend for 2007, down to 3.5 per cent from four per cent in the previous period.
However, graduates considering jobs in the chemicals and pharmaceutical sectors may be interested to learn that there are still high increases being recorded in these industries, with some in excess of four per cent.
Alastair Hatchett, head of pay services at employment research service IDS, commented: "Current levels of increases reflect company stability rather than the panic of the financial markets."
The figures show that the highest pay award increase is in the energy sector, standing at 7.1 per cent for April 2008.
Conversely, the public sector is set to receive lower deals, with armed forces officers being given 2.6 per cent and the prison service applying for 3.2 per cent.