Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 31 n° 344

UK workers set to receive a lower real salary increase in 2020

Posted by fidest press agency su venerdì, 15 novembre 2019

UK professionals are expected to receive a 1.1 percent real salary increase in 2020, equating to approximately £334.62pa on average Next year’s forecasted real terms salary increase is £20.44 less on average than the increase Brits received in 2019 (£355.06pa) India retains top spot in the global chart for real salary increases, with a 5.4 percent rise Ukraine tops the chart for the highest real salary increase forecasted in Europe (4.1 percent) and among the highest in the world (joint 5th) Due to a higher inflation forecast, employees in the United States are predicted to receive a real terms salary increase of just 0.7 percent, 0.4 percent less than the UK According to the latest Salary Trends Report by ECA International (ECA), UK employees in the private sector are expected to see a real salary increase of 1.1 percent in 2020, the equivalent of almost £27.89 a month (£334.62 per annum) for the average worker¹ before tax. This is following a better than expected real salary increase for UK workers in 2019 (1.2 percent on average), receiving an average real salary increase of £355.06.The real salary increase is calculated based on the difference between the forecast nominal salary increase (3 percent in the UK) and the expected level of inflation. Although the forecasted nominal increase for 2020 has remained the same as last year, higher inflation forecasted for 2020 (1.9 percent) will squeeze real salary earnings to just 1.1 percent.The annual Salary Trends Report from global mobility experts ECA International, analyses current and projected salary increases for local employees in 68 countries across the world.Real increases lower than four years ago, but significantly higher than a decade ago. Despite similar salary increases workers are still not seeing real increases in the buying power of the level four years ago, but equally workers are expected to be significantly better off than ten years ago when the global recession led to decreases in real salaries.Steven Kilfedder, Production Manager at ECA International said “The real salary rises we saw in 2015 were notably large due to the very low level of inflation at the time but in 2016 the EU referendum results led to higher inflation and squeezed budgets, with things only now levelling back out to a more normal level. However, when looking more long-term, things are considerably more positive for workers in the UK compared to ten years ago when the financial crisis and global recession resulted in a decrease to real salaries in 2010 and 2011.” A significant factor on the forecast figures though, could be the uncertainty around Brexit, as well as the upcoming UK general election. (font: ECA International http://www.eca-international.com)

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