UK pay raises some of the world's lowest, study shows
As a result of the current economic downturn, many employers are no longer offering pay rises to their workers, it has been revealed.
Results of a study conducted by Hay Group show that in the UK, the average pay rise is less than 1.5 per cent this year.
This is one of the lowest figures in the world and comes at a time when many firms are also reducing headcounts and freezing wages.
Commenting on the results, Simon Garret, director of UK executive reward at Hay Group, said that this could be because the UK is being hit harder than many other countries in terms of the depth of the recession.
"We are as an economy cutting costs when it's possible to do so and freezing pay is obviously one way of doing that," he added.
In related news, research conducted by Monster has revealed that 20 per cent of employees are still expecting to receive a pay rise in 2009.