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UK Pay Raises Slow to 10-Month Low
19 Aug
Summary
- Median pay award fell to 3.2% in three months to July.
- 35% of pay awards were lower than the previous year.
- Data covers settlements for over 762,000 UK employees.
Pay settlements by British employers have inched down to a 10-month low, suggesting a softening labour market as of July. The median pay award decreased to 3.2% in the three months ending July 31, down from previous periods. This indicates that over a third of matched pay awards are now lower than the preceding year, signaling increased employer caution. Settlements between 2% and 3.99% constituted the majority, with 3% being the most common award value. This survey data is based on 36 pay awards implemented between May 1 and July 31, covering approximately 762,000 UK employees. This trend aligns with recent official data showing a continued weakening in the jobs market during the second quarter.
