Decline in pay settlements recorded

A drop of 0.4 percentage points in wage settlements has been recorded in the three months ending in March compared to the quarter ending February.

Figures from Incomes Data Services (IDC) found that there had been a decline in pay settlements from 3.4 per cent to three per cent in this period.

The analysis also showed that although pay freezes are increasing significantly, many organisations are continuing to offer wage increments and other cash-related bonuses to their staff.

Ken Mulkearn, editor of the IDS Pay Report, said: "Sometimes summary statistics don't tell the whole story and this is one of those periods when the broader picture is just as important.

"On the one hand, those firms most affected by the recession are freezing or pausing pay. On the other hand, a significant proportion of companies are continuing to pay increases, mainly in the three to four per cent bracket."

The data was based on 168 pay settlements involving more than 460,000 employees, including a number of people doing risk jobs.

Find the latest Risk Management Jobs in London with Witan Jardine.