U.K. wage negotiators agreed on the smallest salary increases since September 2006 in the quarter through October as employers gave minimum pay raises to their lowest-earning workers, Incomes Data Services said.
The median pay settlement fell to 3.2 percent from 3.4 percent in the three months through September, the researcher said in an e-mailed statement today. The reading is based on 65 settlements covering about 1.5 million workers. About three- quarters of agreements in ``lower-paying'' industries, such as retail and non-profit, were at or below 3 percent.
Salary gains for the lowest-paid slowed after the government ordered a 3.2 percent increase in the national minimum wage, the smallest gain since 2002. Bank of England policy maker David Blanchflower said Oct. 30 wage growth will stay ``muted'' as a record wave of immigration helps curb inflation pressures.
``It's the lowest increase in a long time for the national minimum wage, and it's having an impact on settlements,'' Ken Mulkearn, editor of the London-based IDS's pay report, said in an interview. The last time the minimum increase was lower was in 2002, when the gain was 2.4 percent, he said.
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