UK employers' pay awards cool to 3%, Brightmine data shows

Sept 23 (Reuters) - Pay ‌settlements by ​British ​employers have cooled, adding to signs of a softer labour market as businesses said they ‌faced higher employment costs and tighter budgets, a ⁠survey showed on Wednesday.

The median pay award by employers was ‌revised down to 3.0% ‌from 3.2% in the three months to July and held at that level in the three months ​to August, figures from human resources data firm Brightmine showed.

"Pay awards remain stagnant, and that very ⁠much looks to be the story of 2027. Brightmine data shows pay ​growth settling at 3%, and there is very little reason for that to shift significantly ​in the medium term," said ‌Sheila Attwood, Brightmine's HR insights and data lead.

• The data is likely to offer ⁠some reassurance to Bank of England officials about the extent of domestic inflation pressures as they weigh an interest ⁠rate hike in November

• Employers are forecasting median pay awards ​of 3% for the year ahead, compared with realised awards of 3.2% for the year to August 31

• Brightmine said pay ‌settlements were tightly clustered, with 71% of awards between 3% and 4%

• Brightmine's ‌data for the three months August was based on ⁠45 pay awards implemented ‌between June 1 ​and August 31, covering more than 755,000 UK employees

(Reporting by Andy Bruce; editing by David ‌Milliken)

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