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MNI: PBOC Injects Net CNY522 Bln Via OMO Tues; Rates Unchanged

CHINA PBOC INJECTS CNY593 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1786 TUES VS 7.1792

Losses Extend, Recent Ranges Intact For Now

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

BoC Data Watch

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

MNI BRIEF: Canada Needs CAD1 Trln To Fix Housing Squeeze- CMHC

MNI BRIEF: Canada Shows No Progress Closing Housing Shortfall

REPEAT: MNI: UK Apr Pay Awards Steady At 4-Yr High: XpertHR

MNI (London)
Repeats Story Initially Transmitted at 23:01 GMT May 23/19:01 EST May 23
--UK Feb-Apr Pay Median Pay Deals 2.5% 
By Jamie Satchi
     LONDON (MNI) - UK median pay deals in the three months through April, the
busiest bargaining month of the calendar year, came in at 2.5%, unchanged from
the joint four-year highs seen so far this year, a survey by XpertHR found. 
     The median pay award across the whole economy was 2.5% between February and
April, reported XpertHR, with the middle half of pay awards (the interquartile
range) worth between 2% and 3%.
     Of the 168 basic pay awards sampled, the majority were from the private
sector with pay bargaining in the public sector, which typically kicks off in
April, "slow to start this year"
     Public sector pay review bodies are yet to be published and the civil
service pay guidance, typically out in March or April, has not been issued,
according to XpertHR.
     April is most commonly when pay settlements take place. Around 40% of pay
settlements in any one year take effect in the month, with this share jumping up
to more than 60% for deals in the public sector.
     Over the past five years public sector pay growth has centred around the
1.0%-mark. However, recent relaxation of the imposed pay cap could result in pay
increases surpassing this threshold -- already, the lowest paid local government
employees have received a 9.2% increase, effective from last month.
     On a sector basis, Pay awards in the manufacturing-and-production sector
have risen to 2.9% in the latest rolling quarter, their highest level since
April 2012. The services sector median pay award of 2.5% is unchanged on last
month's figure. 
     "Our figures this month confirm the upturn in pay settlement levels in
2018. Recruitment and retention pressures, and therefore salaries in competitor
organisations, are helping to drive up settlement levels," Sheila Attwood,
XpertHR pay and benefits editor, said
     The Bank of England Monetary Policy Committee's central forecast is for a
pick-up in earnings growth this year. The BOE's May Inflation projections were
based on headline average weekly earnings growth rising to 2.75% in 2018 and on
up to 3.25% and 3.5% in 2019 and 2020 respectively. 
--MNI London Bureau; +44 203-586-2226; email: jamie.satchithanantham@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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