UK Workers Brace for Smallest Pay Rises Since Pandemic as Cost of Living Bites

Workers in the UK should brace for the smallest pay rises since the pandemic, with average increases expected to drop from 5% to 4%
This is the first fall in expected pay rises since the pandemic, according to a report from the Chartered Institute of Personnel and Development
Fewer employers plan to expand their workforces over the next 3 months compared to previous quarters
1 in 5 employers foresee significant hiring difficulties over the next 6 months
With smaller pay rises, employers may need to offer other benefits like flexibility, remote work, and childcare support to retain staff amid the ongoing cost of living crisis