3pc pay rise is 'new normal'

Washington, December 26 (ANI): People fortunate enough to have a job can expect their salaries to rise by 3 percent in the next year, a new study has revealed.

According to a study by the consulting firm, Hay Group, research, executives, middle management, supervisory and clerical positions will see a median 3 percent pay increase in 2013, based on data collected between May and June this year from 350 organizations.

The study found that the vast majority of organizations, at least 80 percent, reported an average increase of between 2.5 percent and 3.5 percent salary, ABC News reported.

The oil and gas and luxury retail sectors reported the highest median increases at 3.3 percent and 3.5 percent, respectively.

Jeff Blair, Hay Group's U.S. Productized Services Leader said that while many employees saw annual salary budget increases greater than 3 percent in the past, the employers have now settled into what may be a new normal of 3 percent with a drastic dip or freeze during the great recession.

According to the Bureau of Labor Statistics, compared to 1.6 percent for March 2011, wages and salaries increased 1.7 percent for the current 12-month period ending in March 2012. (ANI)


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