Pay rises static through 2004 predicts report

Pay
increases during 2004 are expected to remain static, averaging 3.4 per cent,
according to new research.

Actual
average pay rises during 2003 at companies included in consultant Watson
Wyatt’s 2004 Salary Budget Survey Report, also averaged 3.4 per cent.

These
ranged from 3.8 per cent for directors and senior managers down to 3.4 per cent
to managers, professionals and supervisory staff, and 3.3 per cent for clerical
staff.

A
similar pattern is expected in 2004, with companies projecting rises for directors
and senior managers at 3.5 per cent; managers, professionals and supervisory
staff at 3.4 per cent; and at 3.3 per cent for other positions.

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"Pay
rises are expected to remain close to 2003 figures in most industry sectors,
though slightly higher in financial services," said Philip Hough, a senior
consultant at Watson Wyatt.

By Quentin Reade