Commentary

Article Abstract:

Predictions for the sixth year of economic recovery to lead to a wage explosion turned out to be untrue, and the situation has remained stable for 18 months since a decrease from 3.5 to 3% between March and April of 1996. Pay raises continue to be diverse and wage payment systems become more complex, with flexible reward practices taking the place of basic pay. The wage-price spiral seems to have disappeared with increasing feelings of job insecurity and flexible pay systems allowing to respond to skills shortages.

Wage payment systems, Inflation (Economics), 1997 AD

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Mixed message from pay data

Article Abstract:

Basic pay rises in the UK remained level at 3% during Jan-Feb 1995 for the fourth consecutive qtr. Average earnings growth was at 3.5% in Jan, down from 3.75% for the previous seven months. Unit labor costs are increasing, while manufacturing earnings increased without a corresponding increase in pay awards. The analysis was based on 136 pay awards covering some 588,000 workers for the three months ending in Feb 1995.

Labor market

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Commentary

Article Abstract:

UK pay settlements are not likely to increase dramatically in 1997. During 1996, settlements peaked at 3.5% and remained at that level. Upward wage pressures, including profitability or a tighter labor market, are neutralized by downward pressures such as a limited ability to pay or low inflation. Without a strong impetus pushing pay increases to higher levels, settlements during 1997 will probably hover around 3%.

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