Collapse in city bonuses stumps pay growth

Pay
growth has been pushed down by collapsing city bonuses, according to official
figures.

Headline
average earnings rose by an annual 1.9 per cent in the three months to
February, the lowest growth for almost a decade, the Office for National
Statistics said.

Experts
said the drop in bonuses to city workers at banks and financial institutions
has helped keep wage inflation subdued.

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

Email(Required)

OptOut

From time to time, we will send you emails about selected products, events and services from Personnel Today - but you can choose to opt-out at any time. If you do not wish to receive these emails, please tick this box.

Name

This field is for validation purposes and should be left unchanged.

Δ

The
ONS said headline pay growth in manufacturing and service industries has
dropped to a record low. But in the public sector there has been strong growth,
with teachers and nurses seeing large increases to their pay.

By Quentin Reade