Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
UK headline pay awards were muted in the three months to December, coming in at 2.0% unchanged on the previous month, data published by XpertHR Thursday showed. Pay awards in the 12 months to December stood at a median 2.0%, down from 2.5% recorded a year earlier. In 2020, 19.3% of pay settlements resulted in no increase for employees compared to 5.3% in 2019.
Pay awards fluctuated significantly over the year, starting at around 2.5% before falling to a pay freeze in the middle of year and picking up gradually to 2.0% towards the end of the year. While the private sector followed a similar pattern as the whole economy, the public sector was able to maintain pay awards at a median of 2.5%. Within the private sector, services pay awards fared slightly better than those for manufacturers.
"In terms of pay awards, 2020 was characterised by high levels of uncertainty translating into lower pay increases and in many cases, pay freezes. The early signs from 2021 suggest that the situation will deteriorate further, with pay freezes more common and pay awards well below the rate of inflation."XpertHR's Sheila Attwood said.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.