We are pleased to announce that Incomes Data Research has today accredited as a Living Wage Employer.
Our Living Wage commitment will see everyone working at IDR, regardless of whether they are direct employees or third-party contracted staff, receive a minimum hourly wage of £8.75 in the UK or £10.20 in London.
The Living Wage is estimated to be the level of hourly pay necessary for a minimum socially acceptable standard of living. It is voluntary and separate to the statutory National Living Wage, which for over 25s is currently £7.50 per hour.
Inflation is likely to only slowly abate over the coming year, according to the latest predictions from City economists. One of our panel of economic forecasters sees RPI inflation remaining at similar levels for most of the coming year, and another thinks it will rise a little before coming down later in 2018. Continue reading Forecasts indicate gradual drop in inflation levels
Premiums for shift pay continue to play an important part in reward packages for employees in many parts of the economy. Our recent survey of 83 mostly large firms across distribution, engineering, financial services, food manufacture, retail and the social care and housing sector found that over four fifths pay separate allowances, premiums or additions to staff who work shifts.
Continue reading Shift work: premiums feature prominently
At a difficult time for parts of the retail industry, the National Living Wage (NLW) is exerting a strengthening influence over pay rates and other terms in the sector, according to the latest findings on pay and conditions in retail from IDR.
Continue reading Retail pay: rising living wage exerts strong influence
The latest instalment in the debate over which inflation indicator is the most appropriate for uprating benefits such as pensions took place in the High Court in January. The case, brought by telecoms firm BT, was that the company should be allowed to change provisions for uprating pension payments from the Retail Prices Index (RPI) to the Consumer Prices Index (CPI), on the basis that the former had ‘become inappropriate’, according to the rules of the scheme. The case has implications for setting pay as well as pensions.
Continue reading Viewpoint: pensions court rules RPI not ‘inappropriate’
The median starting salary for graduate recruits increased by 4.8% between 2016 and 2017, according to the latest IDR survey of pay and progression for graduates. The median starting salary for graduates is now £27,000, up on the £25,700 figure produced by the 2016 survey. When it comes to progression pay, our analysis shows that the average salary for graduates recruited three years ago, in 2014, is 22% higher than for those recruited in 2017.
Continue reading Graduate starting pay up by 4.8%
The median pay award across the whole economy rose to 2.5% in the three months to January 2018, according to the latest monitoring figures from IDR. This is the highest we have seen since the quarter to December 2015, when many firms pushed up pay rates in advance of the introduction of the Government’s National Living Wage the following April. In the two years since, the median pay award has only risen above 2% on three occasions.
Continue reading Pay Settlement Analysis: Upturn in settlement levels
The last three months of 2017 produced an increase in pay rises across the economy, with the median rising to 2.3%. Awards in the private sector show a median of 2.5% for this period, which is higher than the overall median of 2.2% for this sector during 2017. The elevated median this time is the product of some higher awards, for instance at EasyJet and Ford.
Continue reading Economy pay awards rise to 2.3%
Incomes Data Research has monitored 667 pay reviews for 2017, covering over 6,900,000 employees. The median increase for the whole economy remained the same at 2% from the previous year. The private sector however has risen from 2% to 2.2% in 2017. This has been especially noticeable at the lower quartile which showed an increase of 0.5%, whereas the upper quartile fell slightly from 2.78% to 2.75%. Across the whole economy, the lower quartile increased by 0.5% and the upper quartile rose by 0.1%, suggesting modest upwards pressure on pay, which may be due to higher inflation rates across 2017.
Continue reading 2017 Pay settlements summary
Our latest survey of pay and conditions for engineering workers suggests stronger pay growth for manual workers than for white-collar staff and managers, driven by higher – often negotiated – pay awards. Recruitment pressures have also played a role, as well as staff turnover among operators.
Continue reading Engineering: higher awards drive up pay for manuals