If you thought there were many decent pay rises in the managerial class to be had last year, think again. The latest figures from research firm Incomes Data Services suggest that the average pay increase for a manager in 2012 was just 1.9%.
You don’t need a degree in economics to work out that this is considerably lower than the 2.5% national rate of inflation, meaning most managers’ were going backwards in the real pay stakes.
The firm’s report, called the Managers’ Benchmark Pay Report, predicts that pay will increase but an average of 2.2% in 2013 meaning real terms spending power will be squeezed further, although not as badly as last year.
Add to this, there has been a sharp increase in the number of City workers who are not expecting to get a bonus this year. A survey by Astbury Marsden (a recruiter for the financial sector) shows that 22% are not expecting a bonus, up from the 11% of pessimists who didn’t expect one in 2012.
The survey found that 44% of City workers blamed government pressure and City regulators for the fact that their pay packets may end up being smaller this year.
We’re not sure who they’re expecting sympathy from…