28 Jun Pay Rise – What Pay Rise?
Of course you chat with friends about new jobs, pay and pay rises, and one topic doing the rounds at the moment is the news in the press, that pay is currently rising at close to 10%.
“Wow, so is that what we ask for now?”
Absolutely not, you have to know all the facts before asking anything. For instance, other sources for average earnings, covering the January to March period, showed that regular pay was up by 4.6 per cent on a year earlier, while total pay, including bonuses, was up by 4 per cent.
Wait a moment… let’s look deeper.
The Office National Statistics has explained that current average pay growth rates are being affected upwards by a fall in the number and proportion of lower-paid jobs compared with before the coronavirus pandemic.
Adjusting for that brought total pay increases down to about 2.5 per cent and regular pay to 3 per cent, according to the ONS. All told, the figures translate into a real increase (adjusted for inflation) of about 2 per cent.
It’s important to know the truth.
The Graham Agency, working with you.