Menu
30/06/2003
Service sector pay awards fall: CBI survey
Pay awards in the service sector have crept down to their lowest level for nine years, according to the latest survey of pay settlements published today by the CBI.
The survey shows service sector pay settlements averaged 2.8% in the three months to April 2003, while they stood at 3.1% in January and 3.2% in April last year. This is the lowest level since March 1994, according to the CBI.
The manufacturing sector, where settlements have been weak for some time, saw a slight rise during the three months to April. The average of 3% compares with 2.8% in January and 2.7% in April last year.
Service sector awards are now lower than manufacturing awards for the first time in six years, albeit with only a slender 0.2% difference between them, the report concluded.
Ian McCafferty, CBI Chief Economic Advisor, said: "It is clear that pay pressures are not a threat to inflation and are therefore no barrier to an interest cut.
"The service sector has been through a difficult period. Retailers are seeing an underlying slowdown in sales while financial services and tourism are still suffering from low profits. All of this has pushed awards slowly down to the levels seen in manufacturing.
"Manufacturing remains under pressure. Firms may be indicating that pay awards have edged upwards from the lows of last autumn, but we are a long way from a significant rise in the overall trend."
The survey analysed some 1,400 private sector settlements/awards for 1.6 million employees.
(GMcG)
The survey shows service sector pay settlements averaged 2.8% in the three months to April 2003, while they stood at 3.1% in January and 3.2% in April last year. This is the lowest level since March 1994, according to the CBI.
The manufacturing sector, where settlements have been weak for some time, saw a slight rise during the three months to April. The average of 3% compares with 2.8% in January and 2.7% in April last year.
Service sector awards are now lower than manufacturing awards for the first time in six years, albeit with only a slender 0.2% difference between them, the report concluded.
Ian McCafferty, CBI Chief Economic Advisor, said: "It is clear that pay pressures are not a threat to inflation and are therefore no barrier to an interest cut.
"The service sector has been through a difficult period. Retailers are seeing an underlying slowdown in sales while financial services and tourism are still suffering from low profits. All of this has pushed awards slowly down to the levels seen in manufacturing.
"Manufacturing remains under pressure. Firms may be indicating that pay awards have edged upwards from the lows of last autumn, but we are a long way from a significant rise in the overall trend."
The survey analysed some 1,400 private sector settlements/awards for 1.6 million employees.
(GMcG)
Related UK National News Stories
Click here for the latest headlines.
20 August 2010
NHS Consultant Pay Scheme For Review
A UK-wide review into bonus payments given to NHS consultants, the Government has announced.
NHS Consultant Pay Scheme For Review
A UK-wide review into bonus payments given to NHS consultants, the Government has announced.
24 May 2004
'Sickies' rise for first time in five years
Workplace absenteeism has increased for the first time in five years, adding an extra 10 million sick days that cost UK businesses £11.6 billion last year.
'Sickies' rise for first time in five years
Workplace absenteeism has increased for the first time in five years, adding an extra 10 million sick days that cost UK businesses £11.6 billion last year.
03 August 2007
£52 Million Deal For NHS Staff Endorsed
Health Secretary Alan Johnson has endorsed the offer of an improved pay package worth £52 million which will see enhanced pay and training opportunities for NHS staff but which keeps this year's pay increases in line with the Government's public sector pay policy.
£52 Million Deal For NHS Staff Endorsed
Health Secretary Alan Johnson has endorsed the offer of an improved pay package worth £52 million which will see enhanced pay and training opportunities for NHS staff but which keeps this year's pay increases in line with the Government's public sector pay policy.
28 October 2010
Pay Awards Subdued As Bosses Boosted
The latest analysis of pay settlements shows that the majority of employers continue to award pay increases between 2 and 3% while Britain's top bosses saw their total earnings rise by more than 50% over the year to June. That's according to the latest Directors' Pay Report that showed salary rises were not high but bonuses soared.
Pay Awards Subdued As Bosses Boosted
The latest analysis of pay settlements shows that the majority of employers continue to award pay increases between 2 and 3% while Britain's top bosses saw their total earnings rise by more than 50% over the year to June. That's according to the latest Directors' Pay Report that showed salary rises were not high but bonuses soared.
07 November 2012
Gender Pay Gap Could Worsen
Today is Equal Pay Day in the UK. This marks the point in the year when women in effect start 'working for nothing' compared to men, as the gap in pay between women and men means on average for every £100 men take home, women are getting £85 – a 14.9 per cent difference.
Gender Pay Gap Could Worsen
Today is Equal Pay Day in the UK. This marks the point in the year when women in effect start 'working for nothing' compared to men, as the gap in pay between women and men means on average for every £100 men take home, women are getting £85 – a 14.9 per cent difference.
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
