Construction bosses are the most generous; according to latest findings from pay analysts IRS Employment Review.
Although the median basic pay award in the sector has slipped by 0.2 percentage points, to 3.5%, it remains higher than in any other sector. The construction industry has topped the pay charts for the last five years.
Industry differentials continue with the transport and communication sector coming in a close second behind construction with an average pay award of 3.25% while workers in the publishing and broadcasting industry stand a poor last with pay settlements averaging at just 2.5%.
Engineering, metals and general manufacturing saw the greatest increase, with pay deals rising by half a percentage point to 3% in both industries.
The median annual basic pay settlement across the private sector as a whole stood at 3% in the year to 31 August 2004.
IRS Employment Review pay and benefits editor, Sheila Attwood said:
“Only two industry sectors offered lower median pay awards in 2003/2004 than in the previous year – construction and publishing and broadcasting. However, while construction remains at the top of the pay league, this resulted in publishing and broadcasting falling to the bottom of our pay table.”
While for most private sector workers pay deals continue to average at 3%, Attwood warns that with increases in inflation, employees will be looking for an upwards revision:
“For the majority of private sector employees, it’s business as usual with pay rises at 3%. However, with headline inflation now standing at 3.3%, employees will be looking for future pay rises to exceed the cost of living increases.”
The results are based on approximately 1,000 basic pay settlements across the 15 industrial sectors.