Executive pay rises twice the inflation rate
In the six months to the end of March executive salaries rose by an average of 5.7 per cent, according to the pay consultant Noble Lowndes. That compares with inflation over the same period of 2.5 per cent and a 1.5 per cent pay ceiling for public sector workers.
Executive pay awards averaged 6.2 per cent in the previous six months and 7.1 per cent in the six months to the end of March, 1992. In the half-year period before that, pay awards were running at 10.4 per cent.
The survey also shows that fewer managers are having their pay frozen. In the latest six months 6.3 per cent of executives saw their pay freeze, compared with 7.1 per cent in the same period a year earlier.
More than half the 5,362 executives surveyed received increases of between 3 and 6 per cent this year, compared with less than a third last year, while the number receiving pay awards of 3 per cent increased from 2 to 11 per cent over the year.
'In the current recessionary climate companies have few inhibitions about allocating low base salary awards,' said Andy Christie, a director of Noble Lowndes.
Companies had also become tougher on car allowances and other perks and many had reduced redundancy payments to the statutory minimum, he added.
The cost of living has fallen more than 5 per cent in the past 12 months, according to a survey published today by the Reward pay specialists. Although the costs of goods and services has risen by 2.6 per cent, its says the amount of income required to maintain the same standard of living has fallen by 5.1 per cent.
- 2 How the language you speak changes your view of the world
- 4 Italian police 'reveal' what Jesus looked like as a young boy
'Fire at every person you see': Israeli soldiers reveal they were ordered to shoot to kill in Gaza – even if the targets may have been civilians
Italian police 'reveal' what Jesus looked like as a young boy
Who should I vote for? The Independent quiz matches best political party for undecided voters ahead of the general election
First-time buyers in London 'need to earn at least £77,000'
General Election 2015: Photographic history of Bullingdon Club tracked down - including new picture of David Cameron in his finery
In defence of liberal democracy
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...
£25000 - £30000 per annum + benefits: Ashdown Group: An exciting opportunity f...
£215 per day: Ashdown Group: Junior Project Manager (website, web application ...
£40-50K: Guru Careers: We are seeking an experienced Software Engineer / Softw...