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Tag: Employment

Wage growth weakens despite employment surge

Wage growth weakens despite employment surge

Business
Wage growth weakened to 2.8% in the three months to April though there was a strong increase in the number of people in work, official figures show. The data from the Office for National Statistics (ONS) shows pay is still increasing more quickly than inflation.But the pace of regular wage growth - excluding bonuses - has slipped back after reaching 2.9% in the previous month's set of figures - which was the best increase since 2015.It could further douse expectations of an interest rate hike this summer - already dampened by indications of sluggish economic growth after a first quarter in which the UK slowed to a near standstill.But there was a better than expected increase in the number of people in work, by 146,000 to 32.39 million, while unemployment fell by 38,000 to 1...
Freelancers to get more employment rights

Freelancers to get more employment rights

Business
Millions of people workers in the so-called gig economy are to be given sick and holiday pay from day one, under Government plans to modernise workers' rights.The Department for Business has responded to the Matthew Taylor review, published last summer, which called for all work to be properly rewarded.The plans include enforcing workers' holidays and sick pay for the first time and introducing the right for all workers to request a more stable contract to provide more financial security.The gig economy describes the trend for companies to hire freelancers instead of full-time employees with people being paid for each "gig" they do.Business Secretary Greg Clark said: "The Taylor Review said that the current approach to employment is successful but that we should build on that success, in p...
Employment at record high – but wages still weak

Employment at record high – but wages still weak

Business
The UK's jobless rate hit its lowest level since 1975 - but average earnings continued to lag behind inflation in the three months to June, official figures show.Wages grew by 2.1% compared with the same period last year, the Office for National Statistics said.This is a slight increase on the previous March to May quarter when the ONS revised down its preliminary figure to 1.9%.However, once inflation is taken into account, total pay in real terms sank by 0.5% both including and excluding bonuses.It comes a day after official data showed inflation remained unchanged in July at 2.6%. Economists had expected it to climb to 2.7%.The figures are significant as they show a continuation in the squeeze on living costs, largely thanks to the collapse in the pound following the Brexit vote, which ...