LONDON (Reuters) – British workers received higher pay rewards in the April-June period than in the first three months of the year, but the acceleration is unlikely to continue, a survey by human resources data provider XpertHR.
Employers increased annual wage premiums in the second quarter to an average of 2%, down from 1% in the first quarter. But the figure for the three months through June was in line with increases seen in the three months through May and April, which suggested that salary increases had peaked, XpertHR said.
The Bank of England is watching for signs of rising inflation spilling over to wages as it assesses when to start removing the huge stimulus it deployed last year to help steer the market. economy through the COVID-19 pandemic.
Many employers are struggling to fill vacancies and official wage growth measures have increased in recent months.
“Organizations are understandably always cautious in their approach to annual salary reviews, and while we have seen some growth against the awards given in the first few months of the year, this level of acceleration is unlikely. continues, ”XpertHR Compensation and Benefits said editor-in-chief Sheila Attwood.
“Despite this, it is still encouraging to see the proportion of wage freezes decline in 2021 as confidence returns.”
Food manufacturers, chemical companies and retailers have recorded the highest salary rewards in 2021 so far, XpertHR said.
The value of public sector pay rewards fell for the first time in nearly three years, slipping to 2.3% for the 12 months ending in late June 2021 from its recent average of 2.5%.
(Report by William Schomberg, edited by David Milliken)