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September 11 fails to reduce pay rises


first_imgRelated posts:No related photos. Pay increases around the world have not been affected as badly by 11September as anticipated. The terrorist attacks have failed to lower the projected pay rises for 2002,with many countries expecting increases of about 2 per cent above inflation. A report by HR consultancy William M Mercer shows that 33 of the 62countries surveyed expected pay increases of at least 2 per cent above theprojected rate of inflation. Most of the other countries still think pay riseswill be higher than inflation. Only a handful, including Russia, Colombia andEcuador, expect pay rises to be outstripped by inflation. In the UK, projected rises are between 3.2 and 4.5 per cent, depending onthe employee category, and the rate of inflation is expected to be 2.1 percent. Safarina Kardany, senior researcher at William M Mercer, said, “Despiteunsteady economic conditions, most workers stand to make gains in buying powernext year.” Countries in the EU are projecting moderate inflation of between 1.4 and 3.8per cent with pay rises mostly in the range of 2 to 5 per cent. The onlyexception is Ireland, which is predicting pay rises of 7.5 per cent. www.wmmercer.com Comments are closed. Previous Article Next Article September 11 fails to reduce pay risesOn 20 Nov 2001 in Personnel Todaylast_img read more