UK Employers Raise Pay by Least in 10 Months as Labour Market Softens
Pay Settlements and Labour Market Trends in the UK
Overview of Recent Pay Settlements
Aug 19 (Reuters) - Pay settlements by British employers inched down in the three months to June to a 10-month low, adding to signs of a softening labour market, a survey showed on Wednesday.
The median pay award by employers fell to 3.2% in the three months to the end of July, down from 3.3% in the previous three rolling quarters, figures from human resources data firm Brightmine showed.
Employer Caution and Commentary
"The fact that more than a third of matched pay awards are now lower than last year does suggest some employers are becoming more cautious," said Sheila Attwood, Brightmine's HR insights and data lead.
Survey Details and Context
Key Findings from the Brightmine Survey
- 71% of settlements awarded were between 2% and 3.99%, while 3% was the single most common award value
- 35% of settlements delivered a lower award than the previous year, for the same employee group, while another 35% remained unchanged and 30% were higher
- Data based on 36 pay awards implemented between May 1 and July 31, representing pay settlements for approximately 762,000 UK employees
- Official data on Tuesday showed the jobs market again weakened slightly in the second quarter
Reporting and Editorial Information
(Reporting by Andy Bruce; editing by David Milliken)
