British employers expect the biggest rise in employee wages in at least nine years, but 3% wage agreements for workers would still be below rapidly rising inflation, according to a survey published on Monday.
With Britain’s central bank fearing a wage-price spiral from the tight British job market, the Chartered Institute of Personnel and Development (CIPD) has suggested companies are not making an effort to tackle their recruitment problems.
Planned average annual pay settlements in 2022, including public and private employers, rose to 3.0% from 2.0% three months earlier, the highest since the ICPD started using its current methodology in 2012-2013 .
In December and this month, the central bank raised borrowing costs as it predicts consumer price inflation will peak at around 7.25% in April and reach an average of 5.75% in 2022. .
The body also predicts that workers’ earnings will rise by 3.75% this year, leaving households to face their biggest post-inflation income squeeze in 30 years.
Source: CNN Brasil
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