Private sector wage inflation is being led by big gains in remuneration at senior management level, according to figures published by Incomes Data Service, which measures salary agreements on a monthly basis.
Average private sector salary increases hit 3.5% in the quarter to April – up 0.4% against the previous quarter ended in January. Board salaries meanwhile increased 4.1% in the three months to April, against 3.3% for junior and middle mangers and professional and technical staff. However, the real gains have come from bonuses, which at the board level are now running at the equivalent of 57.6% of annual salary. That represents an increase of 18 percentage points on the average level of bonuses this time last year. Bonuses for junior and middle managers are up 4.8%, IDS adds. ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
