Pay settlements show rise at start of 2013

Pay settlements averaged 3.0% in the three months to January according to the latest figures from Labour Research Department’s Payline database. This is an increase on median (midpoint) of 2.1% for both December and November.

The private sector saw its median increase to 3.0%. The figure for manufacturing edged up 2.7% from 2.5%, but for services it was up by over a percentage point to 3.2% from 2.0%.

The annual medians were 2.5% by agreement, but 3.1% when weighted by the number of workers covered.

Inflation, as measured by the Retail Prices Index (RPI), was rising at 3.3% in the year to January against 3.1% at the end of 2012.

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