Latest news with #SheilaAttwood
Yahoo
21-05-2025
- Business
- Yahoo
UK employer pay rises hold at 3% but signs of softness grow, Brightmine says
LONDON (Reuters) -Pay settlements granted by British employers stayed at 3% in the three months to April but many firms are now offering smaller raises, according to figures from data firm Brightmine that are likely to be welcomed by the Bank of England. Wednesday's data marked the fifth consecutive rolling quarter of pay awards at 3%, the weakest pace of increase since December 2021. BoE officials are watching to see how employers react to a hike in their social security contributions - known in Britain as national insurance - and a sharp rise in the national minimum wage. Both took effect in April, a key month for pay deals. Brightmine said nearly half of employers it surveyed offered pay rises below the median 3% level. "Pay awards are stable, but beneath the surface, many businesses are opting for lower rises and our headline median could therefore fall in the months ahead," said Sheila Attwood, HR insights and data lead at Brightmine. "The subdued pattern of pay settlements indicates that many employers continue to approach wage decisions with caution in the face of ongoing cost pressures that will continue into the second half of the year." The BoE wants to see inflation pressure in Britain's jobs market abating sufficiently for it to carry on cutting interest rates. The central bank's chief economist Huw Pill said on Tuesday that the BoE's pace of rate cuts had been too fast. Official figures due at 0600 GMT are likely to show the rate of headline inflation in Britain jumped in April due in large part to higher regulated prices for water and energy. Brightmine analysed 136 pay settlements effective in the three months to April 30 covering more than 309,000 employees. Sign in to access your portfolio
Reuters
20-05-2025
- Business
- Reuters
UK employer pay rises hold at 3% but signs of softness grow, Brightmine says
LONDON, May 21 (Reuters) - Pay settlements granted by British employers stayed at 3% in the three months to April but many firms are now offering smaller raises, according to figures from data firm Brightmine that are likely to be welcomed by the Bank of England. Wednesday's data marked the fifth consecutive rolling quarter of pay awards at 3%, the weakest pace of increase since December 2021. BoE officials are watching to see how employers react to a hike in their social security contributions - known in Britain as national insurance - and a sharp rise in the national minimum wage. Both took effect in April, a key month for pay deals. Brightmine said nearly half of employers it surveyed offered pay rises below the median 3% level. "Pay awards are stable, but beneath the surface, many businesses are opting for lower rises and our headline median could therefore fall in the months ahead," said Sheila Attwood, HR insights and data lead at Brightmine. "The subdued pattern of pay settlements indicates that many employers continue to approach wage decisions with caution in the face of ongoing cost pressures that will continue into the second half of the year." The BoE wants to see inflation pressure in Britain's jobs market abating sufficiently for it to carry on cutting interest rates. The central bank's chief economist Huw Pill said on Tuesday that the BoE's pace of rate cuts had been too fast. Official figures due at 0600 GMT are likely to show the rate of headline inflation in Britain jumped in April due in large part to higher regulated prices for water and energy. Brightmine analysed 136 pay settlements effective in the three months to April 30 covering more than 309,000 employees.
Zawya
23-04-2025
- Business
- Zawya
UK employer pay rises hold at 3%, Brightmine says
LONDON: Pay increases granted by British employers stayed at 3% in the three months to March, according to figures from human resources data firm Brightmine that are likely to be welcomed by the Bank of England. It marked the fourth consecutive rolling quarter of pay awards at that level, and the joint lowest pace of increase since December 2021. BoE officials are watching closely to see how employers react to an increase in social security contributions - known in Britain as national insurance - and a higher national minimum wage. Both took effect in April. "Currently the data isn't showing any signs of a knee-jerk reaction to recent national insurance changes," said Sheila Attwood, Brightmine's senior content manager. "However, we do know that employers are taking a watch and wait approach, so we expect to see that reflected in the second half of this year." Britain's minimum wage went up this month by almost 7%. Attwood said Brightmine had seen more pay deals awarded at the lower end of its range, but the overall picture was one of stability. The BoE is watching for signs that inflation pressure in Britain's jobs market is abating sufficiently for it to carry on cutting interest rates. It is widely expected to do so on May 8. Brightmine analysed 125 pay settlements effective in the three months to March 31 covering around 192,000 employees. (Reporting by Andy Bruce; editing by Suban Abdulla)
Reuters
22-04-2025
- Business
- Reuters
UK employer pay rises hold at 3%, Brightmine says
LONDON, April 23 (Reuters) - Pay increases granted by British employers stayed at 3% in the three months to March, according to figures from human resources data firm Brightmine that are likely to be welcomed by the Bank of England. It marked the fourth consecutive rolling quarter of pay awards at that level, and the joint lowest pace of increase since December 2021. BoE officials are watching closely to see how employers react to an increase in social security contributions - known in Britain as national insurance - and a higher national minimum wage. Both took effect in April. "Currently the data isn't showing any signs of a knee-jerk reaction to recent national insurance changes," said Sheila Attwood, Brightmine's senior content manager. "However, we do know that employers are taking a watch and wait approach, so we expect to see that reflected in the second half of this year." Britain's minimum wage went up this month by almost 7%. Attwood said Brightmine had seen more pay deals awarded at the lower end of its range, but the overall picture was one of stability. The BoE is watching for signs that inflation pressure in Britain's jobs market is abating sufficiently for it to carry on cutting interest rates. It is widely expected to do so on May 8. Brightmine analysed 125 pay settlements effective in the three months to March 31 covering around 192,000 employees.
Reuters
19-03-2025
- Business
- Reuters
UK pay rises fall back in line with inflation, Brightmine says
LONDON, March 19 (Reuters) - Pay increases granted by British employers have fallen back in line with inflation for the first time since October 2023, according to data from human resources data firm Brightmine that is likely to be welcomed by the Bank of England. Brightmine said employers were cautious before April's rise in payroll taxes and the median pay award in the three months to the end of February held at 3% for the third consecutive rolling quarter, the joint lowest pace of increase since December 2021. Britain's consumer price index rose by 3% in the 12 months to January the latest month for which data is available. "The stabilisation of pay awards reflects a more cautious approach from employers as they balance wage growth and rising costs," Brightmine's senior content manager Sheila Attwood said. A quarter of firms planned a hiring freeze or a restructuring of their teams in response to April's increase in employers' social security contributions, with some considering pay freezes and delays to increases. Britain's minimum wage is also due to go up in April by almost 7% and almost three-quarters of employers expected a squeeze in the difference between their basic and higher pay levels, Brightmine said. The BoE is watching for signs that inflation pressure in Britain's jobs market is abating sufficiently for it to carry on cutting interest rates. It is widely expected to keep borrowing costs on hold on Thursday after its March meeting. Brightmine analysed 102 pay settlements effective in the three months to February 28 covering around 135,000 employees.
