75% of Brits face a pay freeze

New research has found that only a quarter of workers in the UK have had a pay rise so far this year.

Get a top deal on a credit card, personal loan and savings or bank account.

The Chartered Institute for Personnel and Development published findings showing that 75% of workers are facing a pay freeze.

With nearly half of the nation (47%) concerned about their debts and the increased cost of gas and electricity, the pay freeze could leave many feeling a bitter chill this coming winter.

The findings however, reflect the government’s current pay freeze across the majority of the public sector.

Four out of five public servants said they had not received a pay increase.

6 % of those questioned even reported to taking a pay cut. As the cost of living increases many are worried about the effects of earning less.

Those living up North will face harder financial times as the North West has been labeled the’ pay freeze capital of the UK”. 75% of Northern workers are getting no additional funds to their salaries this year.

Strikes loom as many staff are unhappy with proposed pay freezes.

Trade union GMB members at Scottish water have rejected pay freezes for 2011/2012 and almost 80% of staff at the charity organization, Action for Children, have voted in favour of industrial action over pay freeze disputes.

Chancellor George Osborne imposed a two-year pay freeze on public sector workers in his emergency budget in June 2010.

The Chancellor did however promise that those earning £21,000 or less would receive a flat pay increase of £250 for each year.

With the recent debt crisis taking hold of the Euro zone, the Chancellor today suggested that we should “thank God” that Britain had not joined the principal European currency.

However, we are not in the clear, with inflation expected to rise in the autumn. We may be feeling the pinch for some to come yet.

Guest post by MoneyExpert

Posted by: Nicola Severn Categories: Finance Tags: , Comments Off on 75% of Brits face a pay freeze

Comments are closed.