U.K. Wage Growth Slows to 13-Month Low, Pay Researcher Reports
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U.K. wage negotiators agreed on the smallest salary increases since September 2006 in the quarter through October as employers gave minimum pay raises to their lowest-earning workers, Incomes Data Services said.
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Salary gains for the lowest-paid slowed after the government ordered a 3.2 percent increase in the national minimum wage, the smallest gain since 2002. Bank of England policy maker David Blanchflower said Oct. 30 wage growth will stay “muted” as a record wave of immigration helps curb inflation pressures.
“It’s the lowest increase in a long time for the national minimum wage, and it’s having an impact on settlements,” Ken Mulkearn, editor of the London-based IDS’s pay report, said in an interview. The last time the minimum increase was lower was in 2002, when the gain was 2.4 percent, he said.
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Email Jennifer Ryan at Jryan13@bloomberg.net.
(Posted on November 6, 2007)