Manufacturers’ pay decline slows
1 min read
The rate of decline in annual real take home pay in the manufacturing sector slowed to -1.1% in the three months to December 2013, according to VocaLink, which designs, builds and operates payment systems and ATM switching platforms.
This compared with -1.6% in the three months to the end of November 2013.
The VocaLink survey revealed that FTSE 350 company workers saw real wage growth of 0.3% year on year, reversing negative growth of -2.1% in the same period 12 months earlier.
Services sector real take home pay growth slowed slightly in the three months to the end of December 2013 – down to 0.5% from 0.6% in the three months to the end of November 2013
VocaLink ceo David Yates said: "Many are optimistic about growth prospects for the UK economy for 2014, however the latest VocaLink Take Home Pay Index reveals that this prosperity is yet to filter through to all workers' monthly wages. In fact, when taking into account inflation, thousands are worse off in comparison to salaries 12 months ago. The experiences of those in the public sector come in stark contrast to above inflation wages increases in the services sector."
