As the UK economy continues to struggle amidst the ongoing pandemic, it seems that the majority of workers in the country will be missing out on a pay increase in 2021.
According to a recent survey conducted by the Chartered Institute of Personnel and Development (CIPD), only 38% of employers in the UK are planning to increase salaries in the coming year. This is a significant drop from the 66% of employers who planned to increase salaries in 2020.
The survey also found that 18% of employers are planning to freeze salaries, while 5% are planning to decrease them. This means that a staggering 77% of workers in the UK will either see no change or a decrease in their pay in 2021.
The CIPDâ€™s survey also revealed that the sectors most likely to see pay increases are healthcare, education, and public administration. Meanwhile, the sectors least likely to see pay increases are hospitality, retail, and leisure.
This news will come as a blow to many workers in the UK, who are already struggling to make ends meet due to the economic impact of the pandemic. With unemployment rates on the rise and many businesses struggling to stay afloat, it seems that the prospect of a pay increase is becoming increasingly unlikely for the majority of workers.
However, itâ€™s not all bad news. The CIPDâ€™s survey also found that many employers are planning to offer other benefits to their employees in lieu of a pay increase. These benefits include increased flexibility, more training and development opportunities, and improved health and wellbeing support.
While these benefits may not provide the same financial boost as a pay increase, they can still have a significant impact on employeesâ€™ lives. For example, increased flexibility can help workers to better balance their work and personal lives, while improved health and wellbeing support can help to reduce stress and improve overall wellbeing.
In conclusion, it seems that the majority of workers in the UK will be missing out on a pay increase in 2021. However, employers are still looking for ways to support their employees during these challenging times, and itâ€™s important for workers to take advantage of any benefits that are offered to them. By working together, we can help to navigate these difficult times and emerge stronger on the other side.