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Risk Appetite Resumes

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UK June median pay awards rose to the highest level since November 2020, coming in at 2.0%, data published by XpertHR showed. However, "the headline pay award has now been worth less than inflation on the RPI measure for six rolling quarters," the survey noted.

"Whilst pay awards have edged up over the past few months, it feels as though a 2% median award might be the ceiling for now. While some employers are addressing labour shortages through higher starting salaries, when it comes to annual pay reviews many organisations remain unable to offer much or any increase.", XpertHR's Sheila Attwood said.

Additionally, pay freezes remain evident with 17.8% of settlements resulting no salary increase, Attwood noted. The majority of pay freezes were seen in the service sector (20.6%).