Reuters reports that British employers foresee the biggest pay rise for their workforce in at least 11 yearsbut the 5% wage deals for workers would still fall well below forecast inflation.
The article cites a survey published Monday.
“As the Bank of England fears that the rise in inflation will be harder to control if wage agreements continue to rise, the Chartered Institute of Personnel Development (CIPD) says that 55% of recruiters plan to increase base or variable pay this year as they struggle to recruit and retain staff in the tight UK job market.
”Skills and labor remain in short supply amid a labor market that remains surprisingly buoyant given the economic backdrop of rising inflation and the associated cost-of-living crisis,” said Jon Boys, CIPD’s chief labor market economist.
Reuters explains that “the average annual remuneration expected for 2023 increased to 5%the highest since the CIPD began recording data in 2012, up from 4% in the previous three months.”
“More than half of the respondents reported having trouble filling vacanciesand almost one in three expected similar problems in the next six months.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
