Benchmark pay award for 2013 was 2%

Percentage growth

Pay awards in 2013 are confirmed as 2%, according to the latest data from pay specialists XpertHR.

Retail price index (RPI) inflation stood at 2.6% in November, meaning employees have again seen a fall in wages in real terms over the past year.

Employees will be hoping that they receive the predicted 2.5% pay award for the coming year.” – Sheila Attwood

Falling wages, in real terms, are set to continue for another year for many employees. XpertHR’s survey of pay forecasts for the year to the end of August 2014 revealed that the majority of private-sector pay awards are expected to fall between 2% and 3%, with very few forecast at levels above that. RPI inflation is predicted to sit at around 3% during 2014.

XpertHR Pay and Benefits editor Sheila Attwood said: “The 2% benchmark pay award during 2013 is lower than employers had predicted, but reflects the fragile economic recovery. Employees will be hoping that they receive the predicted 2.5% pay award for the coming year.”

Visit XpertHR to read all the key findings for pay awards in the three months to the end of November 2013.

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