British Employers Plan for Record High Wages Increase Despite Inflation Concerns: Survey Findings

todayFebruary 13, 2023

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A new survey has revealed that British employers plan to increase wages for their employees by 5%, the highest increase in at least 11 years. However, these wage increases would still be well below the expected inflation rate. The survey conducted by the Chartered Institute of Personnel Development (CIPD) found that 55% of recruiters plan to increase base or variable pay this year due to the tight labor market in Britain and the difficulties they are facing in hiring and retaining employees. The expected median annual pay awards have risen to 5%, which is the highest since records started being kept in 2012. Over half of the respondents reported having difficulties filling vacancies and nearly one-third expect similar issues in the next six months. The results show a growing divide between public and private employers’ wage expectations, with public sector pay settlements falling to 2% compared to 5% in the private sector. The survey highlights the squeeze on living standards, as key workers including nurses, teachers, and public transport staff are striking over pay and working conditions.

Written by: Relaks Radio

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todayFebruary 13, 2023

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