Pay deals rise despite uncertaintyOn 6 May 2003 in Personnel Today UK pay deals held steady in the first quarter of 2003 at 2.9 per cent,despite uncertainty about the impact of the war in Iraq and inflation risingabove 3 per cent. According to research, the upturn in the level of settlements seen at thestart of the new year was sustained in March, with the headline measure ofbasic pay awards (the median) remaining unchanged for the third consecutivequarter. Figures from IRS (Industrial Relations Services) Pay Databank not onlyindicate that the upward hike in pay awards is more than a temporary blip, butalso provide a benchmark for spring pay bargaining. The research also reveals that public sector awards have stayed ahead of privatein the 12 months to March 2003. The median basic pay settlement in the public sector was 3.4 per centcompared with 2.5 per cent in the private sector. David Carr, Pay and Benefits Bulletin editor, said: “The overalleconomic picture is unclear, with consumer and business confidence having bothtaken serious knocks recently. “However, forecasts for UK economic growth look almost healthy comparedwith those for other countries, such as those in the eurozone. “Looking forward, the only constant is the likelihood of continueduncertainty.” www.irseclipse.co.uk Comments are closed. Previous Article Next Article Related posts:No related photos.
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