Average earnings see 'substantial growth'

19-11-2007

Average earnings see 'substantial growth'
Workers have seen their average earnings grow significantly, a new report has found.

According to the Office for National Statistics (ONS) quarterly labour market review, there has been a substantial rises in earnings and bonuses, particularly for private sector staff.

Following the release of these figures, chief economist at the Chartered Institute of Personnel and Development Dr John Philpott responded to comments from the Bank of England's latest Inflation Report.

Dr Philpott remarked that the Bank of England's words on pay were unnecessary.

"Despite the rise in earnings growth including bonuses - driven by private sector services - the balance of supply and demand in the jobs market remains conducive to modest pay rises," he said.

He added: "The UK jobs market does not at present pose a serious risk to inflation."

The ONS labour report discovered that the number of people claiming Jobseeker's Allowance has fallen, while the number of job vacancies has increased.

Related categories: HR / Recruitment.


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