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Last Updated: Monday, 10 November, 2003, 07:55 GMT
UK workers set for big pay rises
Manufacturing workshop
Workers can look forward to higher pay next year
Pay rises in the UK are likely to average 3.6% next year, compared with an expected inflation rate of 2.5%.

Optimism remains that the global economy will improve, according to Mercer Human Resource Consulting.

But employers want to keep a lid on fixed costs - including wages - a report by the human resources management group says.

In Europe, average pay rises are expected to reach 5% in Greece, although inflation could touch 3.5%.

Meanwhile, in the Republic of Ireland wages are set to rise by 4.4%, with an inflation rate of 3.2%.

Workers in Venezuela are likely to receive the highest pay rises in the world next year at almost 29%.

However, inflation in the country could increase to 37%, according to the report.


SEE ALSO:
UK industry faces slowdown
16 Oct 03  |  Business
Q&A: UK inflation target change
13 Oct 03  |  Business


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