Pay rises reach new level
Pay increases hit a 15-year high for the last quarter of 2007, new figures have shown.
According to a report by the Industrial Relations Services (IRS), pay rose by a year-on-year average of 3.7 per cent in the three-month period between October and December.
In the period between September and November the rise was 3.4 per cent.
The rate of increase was spurred by rising inflation, the IRS said.
Sheila Attwood, of the IRS, commented: “Looking back through the IRS archive, pay awards have not stood at this level since November 1992, when settlements were also buoyed up by notably high levels of retail prices index inflation.”
However, early indications are that the level of increases will be lower in January.
Tax and Financial Planning Specialist of the Year 2008
