UK workers see easing pay growth |
Annual pay growth for low-wage positions in the UK slowed to 6.2% in February, the lowest since February 2022, according to jobs website Indeed. Jack Kennedy, a senior economist at Indeed, said: “For some time now, low-paid sectors have been seeing significantly stronger pay growth than the rest of the market . . . That gap is starting to close.” Kennedy said that a wave of costs this month, including a change to national insurance contributions, a payroll tax, and a higher minimum wage, may force companies to hold down salaries across the board. Mohammad Jamei, director of economic policy at the Confederation of British Industry, said some employers are halving pay rises from around 5% to 2% to help offset the government's cost increases. |
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