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| CIPD: Pay awards below cost of living |
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| Latest Recruitment News - HR and Recruitment Legislation News |
| Written by DirectNews Feed |
| Monday, 08 August 2011 00:00 |
 Professionals in finance jobs in London are continuing to struggle financially as salaries decline in comparison to the cost of living.That is according to research conducted by the Chartered Institute of Personnel and Development (CIPD), which found that more than half - 58 per cent - of all employees have received a pay freeze since the beginning of this year. Due to high inflation and the increasing price of essentials like fuel and food, many individuals are finding it tough to make ends meet at present and the body's latest Employee Outlook: Focus on Pay report shows that six per cent of all workers have experienced a reduction in their wages in 2011. Charles Cotton, performance and reward adviser at the CIPD, commented: "Even those who are lucky enough to get an increase in their pay will find it below the current cost of living, compounding consumer belt tightening." This comes after Tom McPhail of Hargreaves Lansdown stated recently that all workers have been guilty of neglecting their pension plan throughout the recession. Posted by Daniel Frost 
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