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Firms plan higher wage increases.
21/02/2012
A survey has revealed that wage rise intentions among UK businesses have reached their highest level in almost three years.
The Chartered Institute of Personnel and Development (CIPD) research found that employers expect mean basic pay settlements of 1.7% this year, up on both the previous quarter (1.5%) and the same period of last year (1.3%).
There was little change in pay sentiments in the private sector, with 35% of employers predicting a salary increase - unchanged from the previous quarter. The average settlement among these firms is now predicted to be 2.2%, up by 0.1%.
Manufacturing and production companies predicted the highest rise at 2.9%, with the services sector following closely behind at 2.7%.
CIPD rewards advisor Charles Cotton said: "While the predicted increases in pay settlements reflects a cautious optimism among members in the private sector that the worst may now be over, uncertainty about how fast the economy will improve is acting to moderate pay forecasts and leading many employers to hedge their bets on the outcome of the final decision."
Copyright Press Association 2012
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