Employment Hero data reveals 8.8% UK wage growth, but gains at risk as SMEs warn of price hikes

Employment Hero United Kingdom England

said: "Our February data shows that UK SMEs are driving wage growth, with salaries up 8.8% year-on-year as businesses compete for talent amid ongoing cost-of-living pressures. While the Chancellor highlighted households feeling better off in the Spring Statement, the OBR forecasts unemployment to peak later this year, showing that the labour market is not out of the woods yet.

"The Employment Rights Act reforms coming into effect next month add further pressure, with almost a third of SMEs planning price increases, potentially offsetting gains in real disposable income. These figures highlight the resilience of small businesses, but policymakers need to ensure that rising wages translate into meaningful benefits for households, rather than being eroded by higher costs." 

View original content:https://www.prnewswire.co.uk/news-releases/employment-hero-data-reveals-8-8-uk-wage-growth-but-gains-at-risk-as-smes-warn-of-price-hikes-302716186.html