UK companies keep shedding staff as pay growth slows – business live
Rolling coverage of the latest economic and financial news The UK state pension is set to rise by 3.9% next year, it appears, following today’s wage growth figures. Under the triple-lock system, pensions rise by the highest of average earnings, inflation, or 2.5%. “Today’s earnings figures show wage growth running at 3.9%, which puts a State Pension increase of a similar magnitude firmly on the…
UK companies are continuing to reduce their workforce as wage growth slows, according to the latest business live updates. The imminent rise in the UK state pension, following today's wage figures, may be closely aligned with the 3.9% increase, business analysts suggest. The triple-lock system dictates that pensions grow by the highest figure among average earnings, inflation, or 2.5%.
With wage growth currently at 3.9%, a corresponding rise in the pension could see the full New State Pension surpass £13,000 next April, analysts predict. However, confirmation of this rise will depend on the September inflation figure, which is anticipated to stay below earnings growth, making wage-driven increases the most probable outcome.
Despite the national employment landscape seeing the lowest vacancies since pre-pandemic times for over a decade, smaller firms continue to express concerns about rising labor costs impacting their hiring strategies.
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