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Wage settlements ease down
The rate at which wage settlements are being agreed has shown a slight fall.
According to Incomes Data Services (IDS), the median rate for pay settlements for the three months to May was 3.5 per cent, a drop of 0.3 per cent on the quarter to April.
However, the figures also revealed a marked difference in public and private sector pay deals. In the public sector, the median settlement was 2.7 per cent compared with 3.8 per cent in the private sector.
The government has urged wage restraint across the board amidst concerns that the rising cost of living will encourage a vicious inflationary circle of higher pay settlements.
Date:4 July 2008
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