British employers plan to cut next year's wage increases, according to an industry survey released on Thursday, suggesting that overall wage growth is likely to slow from its current 11 year high.
According to xperthr, a human resources data company, 123 private entrepreneurs surveyed expect a median annual salary settlement increase of 2.1% from now to the end of August 2020, down from the average increase of 2.5% in the past 12 months.
"While the strength of the job market continues to put pressure on employers to raise wages, other cost and outlook uncertainties may mean that wage increases for employees will decline," said Sheila Attwood, an analyst at xpert hr.
The Bank of England is paying close attention to salary pressure and the progress of brexit while considering whether interest rate should be adjusted.
In a separate report on Thursday, BRC said the long-term decline in retail jobs continued into the third quarter, although more companies plan to increase seasonal employment before Christmas this year than in 2018.
"Given the weak consumer demand and the uncertainty of the UK recession, the retail industry is still under pressure despite its commitment to industry transformation," said Helen Dickinson, BRC's chief executive.
Earlier this week, a CBI survey showed that manufacturers face unprecedented political uncertainty, with orders outlook and new hiring weakest since 2009.
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