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UK pay settlements hold at 4%, highest since 1992 - XpertHR

08/16/2022 | 07:08pm EST
FILE PHOTO: A worker arrives at his office in the Canary Wharf business district in London

LONDON (Reuters) - British employers agreed average pay rises of 4% with staff in the three months to the end of July, the joint-biggest increase since 1992 but falling further behind inflation, industry data showed on Wednesday.

Human resources data company XpertHR said the median pay settlement remained unchanged for a fourth month in a row even as inflation hit a 40-year high of 9.4% in June and is set to exceed 13% in October, according to the Bank of England.

Separate figures on Tuesday showed the biggest real-terms fall in pay excluding bonuses since official records began in 2001.

"Pay awards continue to remain stagnant, unchanged from the previous three rolling quarters at 4%, in spite of soaring inflation," XpertHR pay and benefits editor Sheila Attwood said.

The BoE wants to stop high inflation - which has been largely driven by a jump in energy prices - from becoming entrenched for years to come.

Earlier this month, the central bank raised interest rates by the most since 1995, citing inflation pressures in the labour market as a factor for its decision, notwithstanding its forecast of a five-quarter recession starting in late 2020.

XpertHR said it monitored 68 pay deals in the May-July period, covering almost 550,000 employees.

(Writing by William Schomberg; editing by David Milliken)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) -0.41% 0.5503 Delayed Quote.2.58%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) -0.57% 0.600226 Delayed Quote.3.20%
EURO / BRITISH POUND (EUR/GBP) -0.23% 0.8606 Delayed Quote.2.45%
INDIAN RUPEE / BRITISH POUND (INR/GBP) -0.39% 0.009963 Delayed Quote.0.99%
US DOLLAR / BRITISH POUND (USD/GBP) -0.58% 0.819269 Delayed Quote.10.97%
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